Bank for Economic Cooperation and Development in the Middle East and North Africa Act

Summary: TABLE OF CONTENTS: 
     Title I:  International Development Association 
     Title II:  African Development Bank 
     Title III:  Interest Subsidy Account of the Successor (ESAF 
          II) to the Enhanced Structural Adjustment Facility of 
               the International Monetary Fund 
     Title IV:  Middle East Development Bank 
Title I:  International Development Association
 - Amends the International Development Association Act to authorize specified appropriations, without fiscal year limitation, for the U.S. contribution to the tenth replenishment of the resources of the International Development Association. 
Title II:  African Development Bank
 - Amends the African Development Bank Act to authorize the U.S. Governor of the African Development Bank to subscribe on behalf of the United States to unspecified additional shares of the capital stock of the Bank. Authorizes appropriations without fiscal year limitation. 
Title III:  Interest Subsidy Account of the Successor (ESAF II) to the Enhanced Structural Adjustment Facility of the International Monetary Fund
 - Amends the Bretton Woods Agreements Act to authorize the U.S. Governor of the International Monetary Fund (IMF) to contribute on behalf of the United States a specified amount to the Interest Subsidy Account of the Successor (ESAF II) to the Enhanced Structural Adjustment Facility of the IMF.  Authorizes specified appropriations without fiscal year limitation. 
Title IV:  Middle East Development Bank
 - Bank for Economic Cooperation and Development in the Middle East and North Africa Act - Authorizes the President to accept membership for the United States in the Bank for Economic Cooperation and Development in the Middle East and North Africa provided for in the establishing agreement. 
Provides for appointment of U.S. Governor and Alternate Governor, and for the applicability of the Bretton Woods Agreements Act.  Allows Federal Reserve Banks to act as depositories or fiscal agents for such Bank.  Authorizes U.S. subscription and appropriations.  Exempts certain Bank securities from specified Federal securities laws, subject to suspension of such exemption by the Securities and Exchange Commission at any time.

TITLE I--INTERNATIONAL DEVELOPMENT ASSOCIATION

    Sec. 101. The International Development Association Act, 22 U.S.C. 
284 et seq., is amended by adding at the end thereof the following new 
section:
    ``Sec. 22. In order to pay for the United States contribution to 
the tenth replenishment of the resources of the association authorized 
in section 526 of Public Law 103-87, there are authorized to be 
appropriated, without fiscal year limitation, $550,000,000 for payment 
by the Secretary of the Treasury.''.

                   TITLE II--AFRICAN DEVELOPMENT BANK

    Sec. 201. The African Development Bank Act, 22 U.S.C. 290i et seq., 
is amended by adding at the end thereof the following new section:
    ``Sec. 11. (a) Subscription Authorized.--(1) The United States 
Governor of the Bank may subscribe on behalf of the United States to 
______________ additional shares of the capital stock of the Bank. (2) 
Any subscription by the United States to the capital stock of the Bank 
shall be effective only to such extent or in such amounts as are 
provided in advance in appropriations Acts.
    ``(b) Limitations on Authorization of Appropriations.--In order to 
pay for the increase in the United States subscription to the Bank 
provided for in subsection (a), there are authorized to be 
appropriated, without fiscal year limitation, $____________ for payment 
by the Secretary of the Treasury.''.

 TITLE III--INTEREST SUBSIDY ACCOUNT OF THE SUCCESSOR (ESAF II) TO THE 
 ENHANCED STRUCTURAL ADJUSTMENT FACILITY OF THE INTERNATIONAL MONETARY 
                                  FUND

    Sec. 301. The Bretton Woods Agreements Act, 22 U.S.C. 286 et seq., 
is amended by adding at the end thereof the following new section:

 ``contribution to the interest subsidy account of the successor (esaf 
ii) to the enhanced structural adjustment facility of the international 
                          monetary fund (fund)

    ``Sec. 61. (a) Contribution Authorized.--
            ``(1) In General.--Subject to paragraph (2), the United 
        States Governor of the Fund may contribute $75,000,000 to the 
        Interest Subsidy Account of the Successor (ESAF II) to the 
        Enhanced Structural Adjustment Facility of the Fund on behalf 
        of the United States.
            ``(2) Contribution.--The contribution authorized in 
        paragraph (1) shall be effective only to such extent or in such 
        amounts as are provided in advance in appropriations Acts.
    ``(b) Limitation on Authorization of Appropriations.--To pay for 
the contribution authorized in subsection (a), there are authorized to 
be appropriated $75,000,000 without fiscal year limitation for payment 
by the Secretary of the Treasury.''.

                 TITLE IV--MIDDLE EAST DEVELOPMENT BANK

    Sec. 401. This title may be cited as the ``Bank for Economic 
Cooperation and Development in the Middle East and North Africa Act''.

                        acceptance of membership

    Sec. 402. The President is hereby authorized to accept membership 
for the United States in the Bank for Economic Cooperation and 
Development in the Middle East and North Africa (hereinafter the 
``Bank'') provided for by the agreement establishing the Bank 
(hereinafter the ``Agreement'').

                    governor and alternate governor

    Sec. 403. (a) The Governor and the Alternate Governor of the 
International Bank for Reconstruction and Development, appointed under 
section 3 of the Bretton Woods Agreements Act, as amended (22 U.S.C. 
286a), shall serve ex-officio as the Governor and the Alternate 
Governor at the inaugural meeting of the Board of Governors of the 
Bank. Thereafter, the President, by and with the advice and consent of 
the Senate, shall appoint a Governor of the Bank and an alternate for 
the Governor.
    (b) No person shall be entitled to receive any salary or other 
compensation from the United States for services as a Governor or 
Alternate Governor.

             applicability of bretton woods agreements act

    Sec. 404. The provisions of section 4 of the Bretton Woods 
Agreements Act, as amended, 59 Stat. 512, 22 U.S.C. 286b, shall apply 
with respect to the Bank to the same extent as with respect to the 
International Bank for Reconstruction and Development and the 
International Monetary Fund.

                 federal reserve banks as depositories

    Sec. 405. Any Federal Reserve bank which is requested to do so by 
the Bank may act as its depository, or as its fiscal agent, and the 
Board of Governors of the Federal Reserve System shall exercise general 
supervision over the carrying out of these functions.

                         subscription of stock

    Sec. 406. (a) The Secretary of the Treasury is authorized to 
subscribe on behalf of the United States up to 7,011,270 shares of the 
capital stock of the Bank; provided, however, that the subscription 
shall be effective only to such extent or in such amounts as are 
provided in advance in appropriations Acts.
    (b) There is hereby authorized to be appropriated, without fiscal 
year limitation, for payment by the Secretary of the Treasury of the 
subscription of the United States for those shares, $1,050,007,800.
    (c) Any payment made to the United States by the Bank as a 
distribution of net income shall be covered into the Treasury as a 
miscellaneous receipt.

jurisdiction of united states courts and enforcement of arbitral awards

    Sec. 407. For the purpose of any civil action which may be brought 
within the United States, its territories or possessions, or the 
Common-wealth of Puerto Rico, by or against the Bank in accordance with 
the Agreement, including an action brought to enforce an arbitral award 
against the Bank, the Bank shall be deemed to be an inhabitant of the 
Federal judicial district in which its principal office within the 
United States, or its agent appointed for purpose of accepting service 
or notice of service of process, is located, and any such action to 
which the Bank shall be a party shall be deemed to arise under the laws 
of the United States, and the district courts of the United States, 
including the courts enumerated in section 460 of title 28, United 
States Code, shall have original jurisdiction of any such action. When 
the Bank is the defendant in any action in a State court, it may, at 
any time before trial, remove such action into the appropriate district 
court of the United States by following the procedure for removal 
provided in section 1446 of title 28, United States Code.

                       effectiveness of agreement

    Sec. 408. The Agreement shall have full force and effect in the 
United States, its territories and possessions, and the Commonwealth of 
Puerto Rico, upon acceptance of membership by the United States in, and 
the establishment of, the Bank.

  exemption from securities laws for certain securities issued by the 
                         bank; reports required

    Sec. 409. (a) The seventh sentence of the seventh undesignated 
paragraph of section 5136 of the Revised Statutes of the United States 
as amended, 12 U.S.C. 24, is further amended by striking out ``or'' 
after ``the Inter-American Investment Corporation,'' and by inserting, 
``or the Bank for Economic Cooperation and Development in the Middle 
East and North Africa,'' after ``the International Finance 
Corporation''.
    (b) Any securities issued by the Bank (including any guarantee by 
the Bank, whether or not limited in scope) in connection with borrowing 
of funds, or the guarantee of securities as to both principal and 
interest, shall be deemed to be exempted securities within the meaning 
of section 3(a)(2) of the Securities Act of 1933, (15 U.S.C. 77c), and 
section 3(a)(12) of the Securities Exchange Act of 1934, as amended (15 
U.S.C. 78c). The Bank shall file with the Securities and Exchange 
Commission such annual and other reports with regard to such securities 
as the Commission shall determine to be appropriate in view of the 
special character of the Bank and its operations and necessary in the 
public interest or for the protection of investors.
    (c) The Securities and Exchange Commission, acting in consultation 
with such agency or officer as the President shall designate, is 
authorized to suspend the provisions of paragraph (b) at any time as to 
any or all securities issued or guaranteed by the Bank during the 
period of such suspension. The Commission shall include in its annual 
reports to Congress such information as it shall deem advisable with 
regard to the operation and effect of this section and in connection 
therewith shall include any views submitted for such purpose by any 
association of dealers registered with the Commission.

                          technical amendment

    Sec. 410. (a) Section 1701(c)(2) of the International Financial 
Institutions Act, 22 U.S.C. 262r(c)(2), is amended by striking out 
``and'' after ``Inter-American Development Bank'' and inserting ``and 
Bank for Economic Cooperation and Development in the Middle East and 
North Africa'' after ``Inter-American Development Corporation''.
    (b) Section 51 of Public Law 91-599, as amended 84 Stat. 1657; 22 
U.S.C. 276c-2, is amended by striking out ``and'' after ``the African 
Development Bank,'' and inserting ``and the Bank for Economic 
Cooperation and Development in the Middle East and North Africa,'' 
after ``the Inter-American Investment Corporation''.