19 U.S.C. § 3733 — Overseas Private Investment Corporation initiatives

FEDERAL · 19 U.S.C. · Chapter 23

Overseas Private Investment Corporation initiatives

Current through Pub. L. 119-102

Title 19 — Customs Duties·Subtitle VI·Ch. 23 — EXTENSION OF CERTAIN TRADE BENEFITS TO SUB-SAHARAN AFRICA·Subch. III

(a)Initiation of funds It is the sense of the Congress that the Overseas Private Investment Corporation 1 should exercise the authorities it has to initiate an equity fund or equity funds in support of projects in the countries in sub-Saharan Africa, in addition to the existing equity fund for sub-Saharan Africa created by the Corporation.

(b)Structure and types of funds

(1)Structure Each fund initiated under subsection (a) should be structured as a partnership managed by professional private sector fund managers and monitored on a continuing basis by the Corporation.

(2)Capitalization Each fund should be capitalized with a combination of private equity capital, which is not guaranteed by the Corporation, and debt for which the Corporation provides guaranties.

(3)Infrastructure fund O

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(a) Initiation of funds
It is the sense of the Congress that the Overseas Private Investment Corporation 1 should exercise the authorities it has to initiate an equity fund or equity funds in support of projects in the countries in sub-Saharan Africa, in addition to the existing equity fund for sub-Saharan Africa created by the Corporation.
(b) Structure and types of funds
(1) Structure
Each fund initiated under subsection (a) should be structured as a partnership managed by professional private sector fund managers and monitored on a continuing basis by the Corporation.
(2) Capitalization
Each fund should be capitalized with a combination of private equity capital, which is not guaranteed by the Corporation, and debt for which the Corporation provides guaranties.
(3) Infrastructure fund
One or more of the funds, with combined assets of up to $500,000,000, should be used in support of infrastructure projects in countries of sub-Saharan Africa.
(4) Emphasis
The Corporation shall ensure that the funds are used to provide support in particular to women entrepreneurs and to innovative investments that expand opportunities for women and maximize employment opportunities for poor individuals.
(c) Overseas Private Investment Corporation
(1) Omitted
(2) Reports to Congress
Within 6 months after May 18, 2000, and annually for each of the 4 years thereafter, the Board of Directors of the Overseas Private Investment Corporation 1 shall submit to Congress a report on the steps that the Board has taken to implement section 2193(e) 2 of title 22 and any recommendations of the investment advisory council established pursuant to such section.

19 U.S.C. § 3733 (Overseas Private Investment Corporation initiatives) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Source Credit

History

(Pub. L. 106–200, title I, §123, May 18, 2000, 114 Stat. 269.)

Editorial Notes

Editorial Notes

References in Text
Section 2193(e) of title 22, referred to in subsec. (c)(2), was repealed by Pub. L. 115–254, div. F, title VI, §1464(2), Oct. 5, 2018, 132 Stat. 3513.

Codification
Section is comprised of section 123 of Pub. L. 106–200. Subsec. (c)(1) of section 123 of Pub. L. 106–200 amended section 2193 of Title 22, Foreign Relations and Intercourse.

Statutory Notes and Related Subsidiaries

Transfer of Functions
For transfer of functions, personnel, assets, and liabilities of the Overseas Private Investment Corporation to the United States International Development Finance Corporation and treatment of related references, see sections 9683 and 9686(d) of Title 22, Foreign Relations and Intercourse.