
From the U.S. Code Online via GPO Access
[wais.access.gpo.gov]
[Laws in effect as of January 2, 2001]
[Document not affected by Public Laws enacted between
  January 2, 2001 and January 28, 2002]
[CITE: 22USC2152b]

 
               TITLE 22--FOREIGN RELATIONS AND INTERCOURSE
 
                     CHAPTER 32--FOREIGN ASSISTANCE
 
                 SUBCHAPTER I--INTERNATIONAL DEVELOPMENT
 
  Part I--Declaration of Policy; Development Assistance Authorizations
 
Sec. 2152b. United States Microfinance Loan Facility


(a) Establishment

    The Administrator is authorized to establish a United States 
Microfinance Loan Facility (in this section referred to as the 
``Facility'') to pool and manage the risk from natural disasters, war or 
civil conflict, national financial crisis, or short-term financial 
movements that threaten the long-term development of United States-
supported microfinance institutions.

(b) Disbursements

                           (1) In general

        The Administrator shall make disbursements from the Facility to 
    United States-supported microfinance institutions to prevent the 
    bankruptcy of such institutions caused by--
            (A) natural disasters;
            (B) national wars or civil conflict; or
            (C) national financial crisis or other short-term financial 
        movements that threaten the long-term development of United 
        States-supported microfinance institutions.

                       (2) Form of assistance

        Assistance under this section shall be in the form of loans or 
    loan guarantees for microfinance institutions that demonstrate the 
    capacity to resume self-sustained operations within a reasonable 
    time period.

              (3) Congressional notification procedures

        During each of the fiscal years 2001 and 2002, funds may not be 
    made available from the Facility until 15 days after notification of 
    the proposed availability of the funds has been provided to the 
    congressional committees specified in section 2394-1 of this title 
    in accordance with the procedures applicable to reprogramming 
    notifications under that section.

(c) General provisions

                        (1) Policy provisions

        In providing the credit assistance authorized by this section, 
    the Administrator should apply, as appropriate, the policy 
    provisions in subchapter I of this chapter that are applicable to 
    development assistance activities.

               (2) Default and procurement provisions

        (A) Default provision

            The provisions of section 2370(q) of this title, or any 
        comparable provision of law, shall not be construed to prohibit 
        assistance to a country in the event that a private sector 
        recipient of assistance furnished under this section is in 
        default in its payment to the United States for the period 
        specified in such section.

        (B) Procurement provision

            Assistance may be provided under this section without regard 
        to section 2354(a) of this title.

            (3) Terms and conditions of credit assistance

        (A) In general

            Credit assistance provided under this section shall be 
        offered on such terms and conditions, including fees charged, as 
        the Administrator may determine.

        (B) Limitation on principal amount of financing

            The principal amount of loans made or guaranteed under this 
        section in any fiscal year, with respect to any single event, 
        may not exceed $30,000,000.

        (C) Exception

            No payment may be made under any guarantee issued under this 
        section for any loss arising out of fraud or misrepresentation 
        for which the party seeking payment is responsible.

                      (4) Full faith and credit

        All guarantees issued under this section shall constitute 
    obligations, in accordance with the terms of such guarantees, of the 
    United States of America, and the full faith and credit of the 
    United States of America is hereby pledged for the full payment and 
    performance of such obligations to the extent of the guarantee.

(d) Funding

                       (1) Allocation of funds

        Of the amounts made available to carry out subchapter I of this 
    chapter for the fiscal year 2001, up to $5,000,000 may be made 
    available for--
            (A) the subsidy cost, as defined in section 661a(5) of title 
        2, to carry out this section; and
            (B) the administrative costs to carry out this section.

                    (2) Relation to other funding

        Amounts made available under paragraph (1) are in addition to 
    amounts available under any other provision of law to carry out this 
    section.

(e) Definitions

    In this section:

                          (1) Administrator

        The term ``Administrator'' means the Administrator of the agency 
    primarily responsible for administering subchapter I of this 
    chapter.

              (2) Appropriate congressional committees

        The term ``appropriate congressional committees'' means the 
    Committee on Foreign Relations of the Senate and the Committee on 
    International Relations of the House of Representatives.

        (3) United States-supported microfinance institution

        The term ``United States-supported microfinance institution'' 
    means a financial intermediary that has received funds made 
    available under subchapter I of this chapter for fiscal year 1980 or 
    any subsequent fiscal year.

(Pub. L. 87-195, pt. I, Sec. 132, as added Pub. L. 106-309, title I, 
Sec. 107(a), Oct. 17, 2000, 114 Stat. 1086.)


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.


                                 Report

    Pub. L. 106-309, title I, Sec. 107(b), Oct. 17, 2000, 114 Stat. 
1087, provided that: ``Not later than 120 days after the date of the 
enactment of this Act [Oct. 17, 2000], the Administrator of the United 
States Agency for International Development shall submit to the 
Committee on Foreign Relations of the Senate and the Committee on 
International Relations of the House of Representatives a report on the 
policies, rules, and regulations of the United States Microfinance Loan 
Facility established under section 132 of the Foreign Assistance Act of 
1961 [22 U.S.C. 2152b], as added by subsection (a).''
