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U.S. Code as of:
01/19/04
Section 262p-4b. Directives regarding government-owned enterprises in countries receiving World Bank loans
(a) Finding
The Congress finds that a principal focus of United States
Government policy in the multilateral development banks has been
and should be to foster greater development of the private sector
in member borrowing countries of such banks.
(b) Technical assistance to transform government-owned enterprises
into privately owned enterprises
In order to assist and strengthen the advancement of ongoing
efforts to have the International Bank for Reconstruction and
Development play a key role in building a viable private sector in
member borrowing countries of such bank, and to further assist such
bank in its determination to facilitate the transfer of
government-owned enterprises in such countries to private
ownership, the Secretary of the Treasury shall instruct the United
States Executive Director of such bank to vigorously encourage the
provision of technical assistance to such countries (relying, where
appropriate, on the expertise of the International Finance
Corporation or the Multilateral Investment Guarantee Agency) to
transform enterprises owned, in whole or part, by the governments
of such countries into privately owned, self-sufficient
enterprises. Such technical assistance may involve the valuation of
the assets of such government-owned enterprises, the assessment of
tender offers, and the creation or strengthening of market-based
mechanisms to facilitate such a transfer of ownership.
(c) Reports
(1) In general
The United States Executive Director of the International Bank
for Reconstruction and Development shall submit 3 reports to the
Congress on -
(A) the progress made in transforming government-owned
enterprises into privately owned enterprises as described in
subsection (b) of this section;
(B) the performance of the privately owned enterprises
resulting from such transformation; and
(C) the contributions of development finance companies toward
strengthening the private sector in member borrowing countries.
(2) Timing
The United States Executive Director of the International Bank
for Reconstruction and Development shall submit to the Congress
the first report required by paragraph (1) within 1 year after
October 1, 1988, and shall submit additional reports 12 months,
and 24 months, after the date the first report is submitted.
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