Page:United States Statutes at Large Volume 108 Part 2.djvu/921

 PUBLIC LAW 103-306—AUG. 23, 1994 108 STAT. 1637 DE BT-FOR-DEVELOPMENT SEC. 534. In order to enhance the continued participation of nongovernmental organizations in economic assistance activities under the Foreign Assistance Act of 1961, including endowments, debt-for-development and debt-for-nature exchanges, a nongovernmental organization which is a grantee or contractor of the Agency for International Development may place in interest bearing accounts funds made available under this Act or prior Acts or local currencies which accrue to that organization as a result of economic assistance provided under the heading 'Agency for International Development" and any interest earned on such investment may be for the purpose for which the assistance was provided to that organization. LOCATION OF STOCKPILES SEC. 535. Section 514(b)(2) of the Foreign Assistance Act of 1961 is amended by striking out "$200,000,000 for stockpiles in Israel for fiscal year 1994" and inserting in lieu thereof "a total of $200,000,000 for stockpiles in Israel for fiscal years 1994 and 1995, up to $40,000,000 may be made available for stockpiles in the Republic of Korea, and up to $10,000,000 may be made available for stockpiles in Thailand for fiscal year 1995". 22 USC 2321h. SEPARATE ACCOUNTS SEC. 536. (a) SEPARATE ACCOUNTS FOR LOCAL CURRENCIES.— (1) If assistance is furnished to the government of a foreign country under chapters 1 and 10 of part I (including the Philippines Multilateral Assistance Initiative) or chapter 4 of part II of the Foreign Assistance Act of 1961 under agreements which result in the generation of local currencies of that country, the Administrator of the Agency for International Development shall— (A) require that local currencies be deposited in a separate account established by that government; (B) enter into an agreement with that government which sets forth— (i) the amount of the local currencies to be generated, and (ii) the terms and conditions under which the currencies so deposited may be utilized, consistent with this section; and (C) establish by agreement with that government the responsibilities of the Agency for International Development and that government to monitor and account for deposits into and disbursements from the separate account. (2) USES OF LOCAL CURRENCIES. —AS may be agreed upon with the foreign government, local currencies deposited in a separate account pursuant to subsection (a), or an equivalent amount of local currencies, shall be used only— (A) to carry out chapters 1 or 10 of part I or chapter 4 of part II (as the case may be), for such purposes as— (i) project and sector assistance activities, or (ii) debt and deficit financing; or (B) for the administrative requirements of the United States Government. 22 USC 2359 note. Contracts.

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