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U.S. Code as of:
01/19/04
Section 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.
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