Page:United States Statutes at Large Volume 77.djvu/413

 77 STAT. ]

PUBLIC LAW 88-205-DEC. 16, 1963

381

suant to this subsection for the fiscal years ending June 30, 1965, and June 30, 1966, respectively, shall be available for loans made to encourage economic development through private enterprise". TITLE II

DEVELOPMENT GRANTS AND TECHNICAL COOPERATION

SEC. 103. Title II of chapter 2 of part I of the Foreign Assistance Act of 1961, as amended, which relates to development grants and technical cooperation, is amended as follows: (a) I n section 212, which relates to authorization, strike out "1963" and "$300,000,000" and substitute "1964" and "$220,000,000", respectively. (b) Amend section 214, which relates to American schools and hospitals abroad, as follows: (1) I n subsection (a) strike out "use, in addition to other funds available for such purposes, funds made available for the purposes of section 211 for" and substitute the word "furnish". (2) I n subsection (b) strike out "to use" and "foreign currencies accruing to the United States Government under any Act, for purposes of subsection (a) of this section and for" and substitute "to furnish" before the word "assistance". (3) Add the following new subsection: " (c) There is hereby authorized to be appropriated to the President for the purposes of this section, for the fiscal year 1964, $19,000,000, to remam available until expended. Of the sums authorized to be appropriated under this subsection, not to exceed $2,200,000 shall be available for direct dollar costs in carrying out subsection (b) and $4,700,000 shall be available solely for the purchase of foreign currencies accruing to the United States Government under any Act."

75 Stat. 423; ^%f^%c\%2. 22 USC 2174.

TITLE III—INVESTMENT GUARANTIES

SEC. 104. Title III of chapter 2 of part I of the Foreign Assistance Act of 1961, as amended, which relates to investment guaranties, is amended as follows: (a) Amend section 221(b), which relates to general authority, as 75 Stat. 429; follows: '^22'uy2^i8i (1) I n the first sentence after "wholly owned" insert "(determined without regard to any shares, in aggregate less than 5 per centum of the total of issued and subscribed share capital, required by law to be held by persons other than the parent corporation)". (2) I n paragraph (1) strike out "$1,300,000,000" in the proviso and substitute "$2,500,000,000". (3) I n paragraph (2) strike out "1964" in the fourth proviso and substitute "1965". (b) Amend section 222(a), which relates to general provisions, by 22 USC 2u;2. striking out "section 221(b)" and substituting "sections 221(b) and 224".

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22 USC 2184.

(c) Amend section 222(b)j which relates to general provisions, by striking out "section 221(b) " m both places it appears and substituting "sections 221(b) and 224". (d) Amend section 222(d), which relates to general provisions, to read as follows: " (d) Any payments made to discharge liabilities under guaranties issued under sections 221(b) and 224 of this part, sections 202(b) and 413 (b)(4) of the Mutual Security Act of 1954, as amended, and section 71 Stat. 357; 111(b)(3) of the Economic Cooperation Act of 1948, as amended esStat. 846. (exclusive of informational media guaranties), shall be paid first out 1933."^^ ^^^^' of fees referred to in section 222(b) as long as such fees are available, 62 Stat. 143. and thereafter shall be paid out of funds, if any^ realized from the sale of currencies or other assets acquired in connection with any payments

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