§ 262p-4d. — Initiation of discussions to facilitate financing of human welfare and natural resource programs in subSaharan Africa in connection with debt reduction and conversion.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 22USC262p-4d]
TITLE 22--FOREIGN RELATIONS AND INTERCOURSE
CHAPTER 7--INTERNATIONAL BUREAUS, CONGRESSES, ETC.
Sec. 262p-4d. Initiation of discussions to facilitate financing
of human welfare and natural resource programs in sub-Saharan
Africa in connection with debt reduction and conversion
(a) Findings
The Congress finds that--
(1) the heavy burden of debt borne by sub-Saharan governments
undermines efforts by such governments to finance projects and
programs designed to promote charitable, educational, and scientific
purposes, including education, human welfare, health, agricultural
research and development, and conservation, restoration and
enhancement of the natural resource base; and
(2) the financing of programs to promote such charitable,
educational, and scientific purposes should be facilitated in the
context of reducing and converting sovereign debt of sub-Saharan
governments, as encouraged in the final communique of the June 1988
economic summit conference in Toronto, Canada, through such means
as--
(A) concessional interest rates;
(B) extended repayment periods; or
(C) partial or complete write-offs of debt service
obligations.
(b) Initiation of discussions to facilitate financing of human welfare
and natural resource programs in sub-Saharan Africa in
connection with debt reduction and conversion
The Secretary of the Treasury shall instruct the United States
Executive Director of the African Development Bank and the African
Development Fund to initiate discussions with the directors of such
institutions and propose that such institutions, jointly with the
International Bank for Reconstruction and Development, the International
Development Association, and the International Finance Corporation, as
appropriate, provide advice and assistance to government creditors
holding sovereign debt of any sub-Saharan government, and to sub-Saharan
governments which desire to finance programs with local currencies
obtained through debt reduction and conversion to promote charitable,
educational, and scientific (including conservation and restoration of
natural resources) purposes, as a condition of reducing or converting
such sovereign debt.
(Pub. L. 95-118, title XVI, Sec. 1609, as added Pub. L. 100-461, title
V, Sec. 555, Oct. 1, 1988, 102 Stat. 2268-36.)
Codification
Section 1609 of Pub. L. 95-118 is based on section 9 of H.R. 4645,
One Hundredth Congress, as reported Sept. 28, 1988, and enacted into law
by Pub. L. 100-461.
Definitions
The definitions in section 262p-5 of this title apply to this
section.
