
From the U.S. Code Online via GPO Access
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[Laws in effect as of January 2, 2001]
[Document not affected by Public Laws enacted between
  January 2, 2001 and January 28, 2002]
[CITE: 22USC2151t]

 
               TITLE 22--FOREIGN RELATIONS AND INTERCOURSE
 
                     CHAPTER 32--FOREIGN ASSISTANCE
 
                 SUBCHAPTER I--INTERNATIONAL DEVELOPMENT
 
  Part I--Declaration of Policy; Development Assistance Authorizations
 
Sec. 2151t. Development assistance authority


(a) Authority of President to furnish assistance

    In order to carry out the purposes of this part, the President is 
authorized to furnish assistance, on such terms and conditions as he may 
determine, to countries and areas through programs of grant and loan 
assistance, bilaterally or through regional, multilateral, or private 
entities.

(b) Authority of President to make loans; terms and conditions

    The President is authorized to make loans payable as to principal 
and interest in United States dollars on such terms and conditions as he 
may determine, in order to promote the economic development of countries 
and areas, with emphasis upon assisting long-range plans and programs 
designed to develop economic resources and increase productive 
capacities. The President shall determine the interest payable on any 
loan. In making loans under this part, the President shall consider the 
economic circumstances of the borrower and other relevant factors, 
including the capacity of the recipient country to repay the loan at a 
reasonable rate of interest, except that loans may not be made at a rate 
of interest of less than 3 per centum per annum commencing not later 
than ten years following the date on which the funds are initially made 
available under the loan, during which ten-year period the rate of 
interest shall not be lower than 2 per centum per annum, nor higher than 
the applicable legal rate of interest of the country in which the loan 
is made.

(c) Dollar receipts from loans to be paid into Treasury

    Dollar receipts paid during any fiscal year from loans made under 
subchapter I of this chapter or from loans made under predecessor 
foreign assistance legislation shall be deposited in the Treasury as 
miscellaneous receipts.

(d) Assistance to research and educational institutions in United 
        States; limitation on amounts

    Not to exceed $10,000,000 of the funds made available each fiscal 
year for the purposes of this part may be used for assistance, on such 
terms and conditions as the President may determine, to research and 
educational institutions in the United States for the purpose of 
strengthening their capacity to develop and carry out programs concerned 
with the economic and social development of developing countries.

(e) Development Loan Committee; establishment; duties; appointment of 
        officers

    The President shall establish an interagency Development Loan 
Committee, consisting of such officers from such agencies of the United 
States Government as he may determine, which shall, under the direction 
of the President, establish standards and criteria for lending 
operations under this part in accordance with the foreign and financial 
policies of the United States. Except in the case of officers serving in 
positions to which they were appointed by the President by and with the 
advice and consent of the Senate, officers assigned to the Committee 
shall be so assigned by the President by and with the advice and consent 
of the Senate.

(Pub. L. 87-195, pt. I, Sec. 122, as added Pub. L. 95-424, title I, 
Sec. 102(a), (b)(1), (c)(1), (d), Oct. 6, 1978, 92 Stat. 940, 941.)


References to Subchapter I Deemed To Include Certain Parts of Subchapter 
                                   II

    References to subchapter I of this chapter are deemed to include 
parts IV (Sec. 2346 et seq.), VI (Sec. 2348 et seq.), and VIII 
(Sec. 2349aa et seq.) of subchapter II of this chapter, and references 
to subchapter II are deemed to exclude such parts. See section 202(b) of 
Pub. L. 92-226, set out as a note under section 2346 of this title, and 
sections 2348c and 2349aa-5 of this title.


                            Prior Provisions

    Subsec. (b) of this section consists of provisions formerly 
contained in subsections (b), (c), and (d) of section 2161 of this 
title. Subsec. (e) of this section consists of provisions formerly 
contained in section 2164 of this title.


                             Effective Date

    Section effective Oct. 1, 1978, see section 605 of Pub. L. 95-424, 
set out as an Effective Date of 1978 Amendment note under section 2151 
of this title.

                         Delegation of Functions

    For delegation of functions of President under this section, see Ex. 
Ord. No. 12163, Sept. 29, 1979, 44 F.R. 56673, as amended, set out as a 
note under section 2381 of this title.

                  Section Referred to in Other Sections

    This section is referred to in sections 2220d, 2221, 2351 of this 
title.
