22 U.S.C. § 262p–4e — Extent to which borrowing country governments have honored debt-for-development swap agreements to be considered as factor in making loans to such borrowers

FEDERAL · 22 U.S.C. · Chapter 7

Extent to which borrowing country governments have honored debt-for-development swap agreements to be considered as factor in making loans to such borrowers

Current through Pub. L. 119-102

Title 22 — Foreign Relations and Intercourse·Ch. 7 — INTERNATIONAL BUREAUS, CONGRESSES, ETC.

(a)In general The Secretary of the Treasury shall instruct the United States Executive Director of the International Bank for Reconstruction and Development to initiate discussions with the directors of such bank and propose that such bank consider, as an important factor in making loans to borrowing country governments, the history of compliance by such governments with, and the extent to which such governments have honored, agreements entered into by such governments as part of any debt-for-development swap which requires such governments to set aside or otherwise limit the use of real property to conservation purposes.

(b)Definitions As used in this section:

(1)Debt-for-development swap The term "debt-for-development swap" means the purchase of qualified debt by, or the donation of s

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(a) In general
The Secretary of the Treasury shall instruct the United States Executive Director of the International Bank for Reconstruction and Development to initiate discussions with the directors of such bank and propose that such bank consider, as an important factor in making loans to borrowing country governments, the history of compliance by such governments with, and the extent to which such governments have honored, agreements entered into by such governments as part of any debt-for-development swap which requires such governments to set aside or otherwise limit the use of real property to conservation purposes.
(b) Definitions
As used in this section:
(1) Debt-for-development swap
The term "debt-for-development swap" means the purchase of qualified debt by, or the donation of such debt to, an organization described in section 501(c)(3) of title 26 which is exempt from taxation under section 501(a) of title 26, and the subsequent transfer of such debt to an organization located in such foreign country in exchange for an undertaking by such tax-exempt organization, such foreign government, or such foreign organization to engage in a charitable, educational, or scientific activity.
(2) Qualified debt
The term "qualified debt" means—
(A) sovereign debt issued by a foreign government;
(B) debt owed by private institutions in the country governed by such foreign government; and
(C) debt owed by institutions in the country governed by such foreign government which are owned, in part, by private persons and, in part, by public institutions.

22 U.S.C. § 262p–4e (Extent to which borrowing country governments have honored debt-for-development swap agreements to be considered as factor in making loans to such borrowers) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Source Credit

History

(Pub. L. 95–118, title XVI, §1610, as added Pub. L. 100–461, title V, §555, Oct. 1, 1988, 102 Stat. 2268–36.)

Editorial Notes

Editorial Notes

Codification
Section 1610 of Pub. L. 95–118 is based on section 10 of H.R. 4645, One Hundredth Congress, as reported Sept. 28, 1988, and enacted into law by Pub. L. 100–461.

Statutory Notes and Related Subsidiaries

Definitions
The definitions in section 262p–5 of this title apply to this section.