Page:United States Statutes at Large Volume 104 Part 5.djvu/336

 104 STAT. 3658 PUBLIC LAW 101-624—NOV. 28, 1990 Latin America. Caribbean. "TITLE VI—ENTERPRISE FOR THE AMERICAS INITIATIVE 7 USC 1738. 7 USC 1738a. 7 USC 1738b. President. 7 USC 1738c. "SEC. 601. ESTABLISHMENT OF THE FACILITY. "There is established in the Department of the Treasury an entity to be known as the 'Enterprise for the Americas Facility' (hereafter referred to in this title as the 'Facility'). "SEC. 602. PURPOSE. "The purpose of this title is to encourage and support improvement in the lives of the people of Latin America and the Caribbean through market-oriented reforms and economic growth with interrelated actions to promote debt reduction, investment reforms, and community-based conservation and sustainable use of the environment. The Facility will support such objectives through the administration of debt reduction operations relating to those countries that meet investment reform and other policy conditions provided for in this title. "SEC. 603. ELIGIBILITY FOR BENEFITS UNDER THE FACILITY. "(a) REQUIREMENTS. — To be eligible for benefits from the Facility under this title, a country shall— "(1) be a Latin American or Caribbean country; "(2) have in effect or have received approval for, or, as appropriate in exceptional circumstances, be making significant progress towards the establishment of— "(A) an International Monetary Fund (hereafter referred to in this title as the IMF') standby arrangement, extended IMF arrangement, or an arrangement under the structural adjustment facility or enhanced structural adjustment facility, or in exceptional circumstances, an IMF-monitored program or its equivalent; and "(B) as appropriate, structural or sectoral adjustment loans from the International Bank for Reconstruction and Development (hereafter referred to in this title as the 'World Bank') or the International Development Association (hereafter referred to in this title as the 'IDA'); "(3) have placed into effect major investment reforms in conjunction with an InterAmerican Development Bank (hereafter referred to as the 'IDB') loan or otherwise be implementing, or making significant progress towards an open investment regime; and (4) if appropriate, have agreed with its commercial bank lenders on a satisfactory financing program, including, as appropriate, debt or debt service reduction. "(b) EuGiBiLTTY DETERMINATION. — The President shall determine whether a country is an eligible country for purposes of subsection (a). "SEC. 604. REDUCTION OF CERTAIN DEBT. "(a) AUTHORITY TO REDUCE DEBT. — "(1) IN GENERAL.— Notwithstanding any other provision of law, the President may reduce the amount owed to the United States or any agency of the United States, and outstanding as of January 1, 1990, as a result of any credits extended under title I to a country eligible for benefits from the Facility.

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