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U.S. Code as of:
01/19/04
Section 262p-4e. Extent to which borrowing country governments have honored debt-for-development swap agreements to be considered as factor in making loans to such borrowers
(a) In general
The Secretary of the Treasury shall instruct the United States
Executive Director of the International Bank for Reconstruction and
Development to initiate discussions with the directors of such bank
and propose that such bank consider, as an important factor in
making loans to borrowing country governments, the history of
compliance by such governments with, and the extent to which such
governments have honored, agreements entered into by such
governments as part of any debt-for-development swap which requires
such governments to set aside or otherwise limit the use of real
property to conservation purposes.
(b) Definitions
As used in this section:
(1) Debt-for-development swap
The term "debt-for-development swap" means the purchase of
qualified debt by, or the donation of such debt to, an
organization described in section 501(c)(3) of title 26 which is
exempt from taxation under section 501(a) of title 26, and the
subsequent transfer of such debt to an organization located in
such foreign country in exchange for an undertaking by such
tax-exempt organization, such foreign government, or such foreign
organization to engage in a charitable, educational, or
scientific activity.
(2) Qualified debt
The term "qualified debt" means -
(A) sovereign debt issued by a foreign government;
(B) debt owed by private institutions in the country governed
by such foreign government; and
(C) debt owed by institutions in the country governed by such
foreign government which are owned, in part, by private persons
and, in part, by public institutions.
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