Page:United States Statutes at Large Volume 114 Part 2.djvu/204

 114 STAT. 1086 PUBLIC LAW 106-309—OCT. 17, 2000 Federal Credit Reform Act of 1990, for activities under this section.". SEC. 107. UNITED STATES MICROFINANCE LOAN FACILITY. (a) IN GENERAL.— Chapter 1 of part I of the Foreign Assistance Act of 1961 (22 U.S.C. 2151 et seq.), as amended by section 105 of this Act, is further amended by adding at the end the following new section: 22 USC 2152b. "SEC. 132. UNITED STATES MICROFINANCE LOAN FACILITY. "(a) ESTABLISHMENT.— The Administrator is authorized to establish a United States Microfinance Loan Facility (in this section referred to as the 'Facility') to pool and manage the risk from natural disasters, war or civil conflict, national financial crisis, or short-term financisd movements that threaten the long-term development of United States-supported microfinance institutions. "(b) DISBURSEMENTS.— "(1) IN GENERAL.—The Administrator shall make disbursements from the Facility to United States-supported microfinance institutions to prevent the bankruptcy of such institutions caused by— "(A) natural disasters; "(B) national wars or civil conflict; or "(C) national financial crisis or other short-term financial movements that threaten the long-term development of United States-supported microfinance institutions. "(2) FORM OF ASSISTANCE. — Assistance under this section shall be in the form of loans or loan guarantees for microfinance institutions that demonstrate the capacity to resume self-sustained operations within a reasonable time period. " (3) CONGRESSIONAL NOTIFICATION PROCEDURES. —During each of the fiscal years 2001 and 2002, funds may not be made available from the Facility until 15 days after notification of the proposed availability of the funds has been provided to the congressional committees specified in section 634A in accordance with the procedures applicable to reprogramming notifications under that section. "(c) GENERAL PROVISIONS.— "(1) POLICY PROVISIONS. —In providing the credit assistance authorized by this section, the Administrator should apply, as appropriate, the policy provisions in this part that are applicable to development assistance activities. " (2) DEFAULT AND PROCUREMENT PROVISIONS. — "(A) DEFAULT PROVISION. — The provisions of section 620(q), or any comparable provision of law, shall not be construed to prohibit assistance to a country in the event that a private sector recipient of assistance furnished under this section is in default in its payment to the United States for the period specified in such section. "(B) PROCUREMENT PROVISION. —Assistance may be provided under this section without regard to section 604(a). " (3) TERMS AND CONDITIONS OF CREDIT ASSISTANCE. — "(A) IN GENERAL.— Credit assistance provided under this section shall be offered on such terms and conditions, including fees charged, as the Administrator may determine. "(B) LIMITATION ON PRINCIPAL AMOUNT OF FINANCING.— The principal amount of loans made or

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