Page:United States Statutes at Large Volume 104 Part 5.djvu/342

 104 STAT. 3664 PUBLIC LAW 101-624—NOV. 28, 1990 "(2) To carry out this subsection, the President may provide agricultural commodities under agreements entered into under this Act in a manner that uses the commodity transaction as a means of developing in the recipient countries a competitive private sector that can provide for the importation, transportation, storage, marketing and distribution of such commodities. "(3) The President may use the assistance provided under this subsection and local currencies derived from the sale of commodities under paragraph (2) to design, monitor, and administer activities undertaken with such assistance, for the purpose of strengthening or creating the capacity of recipient country private enterprises to undertake commercial transactions, with the overall goal of increasing potential markets for United States agricultural commodities.". 7 USC 1706. SEC. 1517. DEBT -FOR-HEALTH-AND-PROTECTION SWAP. (a) DEFINITION.—For purposes of this section, the term "debt-forhealth-and-protection swap" means the voluntary cancellation of the foreign debt of the government of a foreign country in exchange for— (1) the making available by such country, to a grantee under subsection Qy), local currencies (including through the issuance of bonds) to be used only for eligible projects involving the research, study, prevention, or control of animal and plant pests and diseases in that country; or (2) the financial and policy commitment of such country to research, study, prevent, or control animal and plant pests and diseases in that country. (b) ASSISTANCE FOR COMMERCIAL DEBT SWAP.— (1) GRANTS.— The Secretary is authorized to furnish assistance in the form of grants, on such terms and conditions as the Secretary determines to be necessary and appropriate, to United States and foreign nongovernmental organizations, including colleges and universities, for the purchase of discounted external commercial debt of a foreign government (on the secondary market) to be canceled under the terms of an agreement that is entered into by the Secretary with that government as part of a debt-for-health-and-protection swap. (2) INTEREST ON GRANTS. —The recipient of a grant under this section (or any subgrantee of such recipient) may retain the interest earned on the proceeds of any resulting debt-for-healthand-protection swap if such recipient (or subgrantee) disburses such funds for approved program purposes, and such interest need not be deposited in the Treasury of the United States and is not subject to further appropriations by Congress. (3) REINVESTMENT OF INTEREST. — Interest accrued in accordance with paragraph (2) shall be reinvested by the recipient of the grant under this section in an approved project in the host country or used for the establishment of an endowment for the purpose for which the grant was provided. (c) ELIGIBLE PROJECTS. — (1) MUTUAL BENEFIT.—The Secretary shall ensure that a debtfor-health-and-protection swap under this section is designed to be of mutual benefit to both the agricultural sector of the United States and the agricultural sector of the recipient country. (2) IDENTIFICATION OF IMMEDIATE AREAS OF NEED.— In cooperation with the Agency for International Development, inter-

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