Page:United States Statutes at Large Volume 117.djvu/1969

 117 STAT. 1950

PUBLIC LAW 108–158—DEC. 3, 2003

(1) in the first sentence, by striking ‘‘insurance and guaranty fund’’ and inserting ‘‘noncredit account revolving fund’’; and (2) by striking ‘‘Insurance Reserve’’ each place it appears and inserting ‘‘noncredit account revolving fund’’. (e) BOARD OF DIRECTORS.—Section 233(b) of the Foreign Assistance Act of 1961 (22 U.S.C. 2193(b)) is amended in the second paragraph— (1) by striking ‘‘officials’’ and inserting ‘‘principal officers’’; (2) by inserting ‘‘whose duties relate to the programs of the Corporation’’ after ‘‘Government of the United States’’; and (3) by striking ‘‘an official’’ and inserting ‘‘one such officer’’. SEC. 4. INVESTMENT INSURANCE.

(a) EXPROPRIATION OR CONFISCATION.—Section 234(a)(1)(B) of the Foreign Assistance Act of 1961 (22 U.S.C. 2194(a)(1)(B)) is amended by inserting ‘‘or any political subdivision thereof’’ after ‘‘government’’. (b) DEFINITION OF EXPROPRIATION.—Section 238(b) of the Foreign Assistance Act of 1961 (22 U.S.C. 2198(b)) is amended by inserting ‘‘, a political subdivision of a foreign government, or a corporation owned or controlled by a foreign government,’’ after ‘‘government’’. SEC. 5. LOCAL CURRENCY GUARANTY.

(a) LOCAL CURRENCY GUARANTY.—Section 234 of the Foreign Assistance Act of 1961 (22 U.S.C. 2194) is amended by adding at the end the following: ‘‘(h) LOCAL CURRENCY GUARANTIES FOR ELIGIBLE INVESTORS.— To issue to— ‘‘(1) eligible investors, or ‘‘(2) local financial institutions, guaranties, denominated in currencies other than United States dollars, of loans and other investments made to projects sponsored by or significantly involving eligible investors, assuring against loss due to such risks and upon such terms and conditions as the Corporation may determine, for projects that the Corporation determines to have significant developmental effects or as the Corporation determines to be necessary or appropriate to carry out the purposes of this title.’’. (b) DEFINITION OF LOCAL FINANCIAL INSTITUTION.—Section 238 of the Foreign Assistance Act of 1961 (22 U.S.C. 2198) is amended— (1) in subsection (d), by striking ‘‘and’’ after the semicolon; (2) in subsection (f), by striking the period at the end and inserting ‘‘; and’’; and (3) by adding at the end the following: ‘‘(g) the term ‘local financial institution’— ‘‘(1) means any bank or financial institution that is organized under the laws of any country or area in which the Corporation operates; but ‘‘(2) does not include a branch, however organized, of a bank or other financial institution that is organized under the laws of a country in which the Corporation does not operate.’’. SEC. 6. OUTREACH TO MINORITY- AND WOMEN-OWNED BUSINESSES.

(a) IN GENERAL.—Section 240 of the Foreign Assistance Act of 1961 (22 U.S.C. 2200) is amended—

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