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U.S. Code as of:
01/19/04
Section 3908. Foreign loan evaluations
(a) Projects requiring an economic feasibility evaluation; content
of evaluation
(1) In any case in which one or more banking institutions extend
credit, whether by loan, lease, guarantee, or otherwise, which
individually or in the aggregate exceeds $20,000,000, to finance
any project which has as a major objective the construction or
operation of any mining operation, any metal or mineral primary
processing operation, any fabricating facility or operation, or any
metal-making operations (semi and finished) located outside the
United States or its territories and possessions, a written
economic feasibility evaluation of such foreign project shall be
prepared and approved in writing by a senior official of the
banking institution, or, if more than one banking institution is
involved, the lead banking institution, prior to the extension of
such credit.
(2) Such evaluation shall -
(A) take into account the profit potential of the project, the
impact of the project on world markets, the inherent competitive
advantages and disadvantages of the project over the entire life
of the project, and the likely effect of the project upon the
overall long-term economic development of the country in which
the project is located; and
(B) consider whether the extension of credit can reasonably be
expected to be repaid from revenues generated by such foreign
project without regard to any subsidy, as defined in
international agreements, provided by the government involved or
any instrumentality of any country.
(b) Review of evaluation by Federal banking agencies
Such economic feasibility evaluations shall be reviewed by
representatives of the appropriate Federal banking agencies
whenever an examination by such appropriate Federal banking agency
is conducted.
(c) Other statutory authorities applicable
(1) The authorities of the Federal banking agencies contained in
section 1818 of this title and in section 3909 of this title,
except those contained in section 3909(d) of this title, shall be
applicable to this section.
(2) No private right of action or claim for relief may be
predicated upon this section.
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