
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: 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.
