§ 3402. — Supplemental authorization of foreign military sales loan guaranties for Egypt and Israel.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 22USC3402]
TITLE 22--FOREIGN RELATIONS AND INTERCOURSE
CHAPTER 49--SUPPORT OF PEACE TREATY BETWEEN EGYPT AND ISRAEL
SUBCHAPTER I--POLITICAL, ECONOMIC, AND TECHNOLOGICAL SUPPORT
Sec. 3402. Supplemental authorization of foreign military sales
loan guaranties for Egypt and Israel
(a) Congressional findings; use of Arms Export Control Act procedures
The Congress finds that the legitimate defense interests of Israel
and Egypt require a one time extraordinary assistance package due to
Israel's phased withdrawal from the Sinai and Egypt's shift from
reliance on Soviet weaponry. The authorizations contained in this
section do not, however, constitute Congressional approval of the sale
of any particular weapons system to either country. These sales will be
reviewed under the normal procedures set forth in section 36(b) of the
Arms Export Control Act [22 U.S.C. 2776(b)].
(b) Authorization of appropriation
In addition to amounts authorized to be appropriated for the fiscal
year 1979 by section 31(a) of the Arms Export Control Act [22 U.S.C.
2771(a)], there is authorized to be appropriated to the President to
carry out that Act [22 U.S.C. 2751 et seq.] $370,000,000 for the fiscal
year 1979.
(c) Principal amounts of guaranteed loans
Funds made available pursuant to subsection (b) of this section may
be used only for guaranties for Egypt and Israel pursuant to section
24(a) of the Arms Export Control Act [22 U.S.C. 2764(a)]. The principal
amount of loans guaranteed with such funds may not exceed $3,700,000,000
of which $2,200,000,000 shall be available only for Israel and
$1,500,000,000 shall be available only for Egypt. The principal amount
of such guaranteed loans shall be in addition to the aggregate ceiling
authorized for the fiscal year 1979 by section 31(b) of the Arms Export
Control Act [22 U.S.C. 2771(b)].
(d) Repayment schedule
Loans guaranteed with funds made available pursuant to subsection
(b) of this section shall be on terms calling for repayment within a
period of not less than thirty years, including an initial grace period
of ten years on repayment of principal.
(e) Modification of terms of guaranteed loans
(1) The Congress finds that the Governments of Israel and Egypt each
have an enormous external debt burden which may be made more difficult
by virtue of the financing authorized by this section. The Congress
further finds that, as a consequence of the impact of the debt burdens
incurred by Israel and Egypt under such financing, it may become
necessary in future years to modify the terms of the loans guaranteed
with funds made available pursuant to this section.
(2) Repealed. Pub. L. 97-113, title VII, Sec. 734(a)(4), Dec. 29,
1981, 95 Stat. 1560.
(Pub. L. 96-35, Sec. 4, July 20, 1979, 93 Stat. 90; Pub. L. 97-113,
title VII, Sec. 734(a)(4), Dec. 29, 1981, 95 Stat. 1560.)
References in Text
That Act, referred to in subsec. (b), means the Arms Export Control
Act, Pub. L. 90-629, Oct. 22, 1968, 82 Stat. 1320, as amended, which is
classified principally to chapter 39 (Sec. 2751 et seq.) of this title.
For complete classification of this Act to the Code, see Short Title
note set out under section 2751 of this title and Tables.
Amendments
1981--Subsec. (e)(2). Pub. L. 97-113 struck out par. (2) which
required annual reports respecting economic conditions in Israel and
Egypt and their external debt burdens, covered in provisions respecting
external debt burdens of Egypt, Israel, and Turkey in section 723 of
Pub. L. 97-113, title VII, Dec. 29, 1981, 95 Stat. 1552, not classified
to the Code.
