Page:United States Statutes at Large Volume 103 Part 3.djvu/453

 PUBLIC LAW 101-240—DEC. 19, 1989 103 STAT. 2521 such as flagrant denial to life, liberty, and the security of person", (b) STATEMENT OF POLICY. —I t is the sense of the Congress that the President should— (1) instruct the United States Executive Directors of the International Bank for Reconstruction and Development and l the Asian Development Bank to use their voices and votes to oppose the making of any loan or the extension of any financial or techniciQ assistance to the People's Republic of China, in accordbance with section 701(f) of the International Financial Institutions Act; and (2) consider the People's Republic of China to be a country descrtt>ed in section 701(a)(l) of such Act until the President determines that the repression and reprisals against persons in connection with the prodemocracy demonstrations have ended. TITLE VII—MISCELLANEOUS SEC 701. SHORT TITLE. This title may be cited as the "Global Environmental Protection Assistance Act of 1989". PART A—COMMERCIAL DEBT-FOR-NATURE EXCHANGES Global Environmental Protection Assistance Act of 1989. Conservation. International agreements. ^ use 2151 note. SEC 711. AMENDMENT TO THE FOREIGN ASSISTANCE ACT. The Foreign Assistance Act of 1961 is amended by inserting after chapter 6 of part I the following new chapter: ' " CHAPTER 7—DEBT -FOR-NATURE EXCHANGES "SBC. 461. DKFiNrnoN.—For purpose of this chapter, the term 22 USC 2281 'debtrfor-nature exchange' means the cancellation or redemption of the foreign debt of the government of a country in exchange for— "(1) that government's making available local currencies (including through the issuance of bonds) which are used only for eligible projects involving the conservation or protection of the environment in that country (as described in section 463); or "(2) that government's financial resource or policy commit- ment to take certain specified actions to ensure the restoration, protection, or sustainable use of natural resources within that country; or "(3) a combination of assets and actions under both para- graphs (1) and (2). "SK;. 462. ASSISTANCE FOR (DOMMERCIAL DEBT EXCHANGES.—(a) The Administrator of the Agency for International Development is authorized to furnish assistance, in the form of grants on such terms and conditions as may be necessary, to nongovernmental organiza- tions for the purchase on the open market of discounted commercial debt of a foreign government of an eligible country which will be canceled or redeemed under the terms of an agreement with that government as part of a debt-for-nature exchange. "(b) Notwithstanding any other provision of law, a grantee (or any sul^antee) of the grants referred to in subsection (a) may retain, without deposit in the Treasury of the United States and without Grants. 22 USC 2282.

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