§ 283z–6 TITLE 22—FOREIGN RELATIONS AND INTERCOURSE Page 106

1So in original. The comma probably should be a semicolon.

§ 283z–6. Investment in human capital

(a) In general

The Secretary of the Treasury shall instruct

the United States Executive Director of the

Inter-American Development Bank to propose

and use the voice and vote of such director, during the 4-year period beginning on January 1,

1990, to vigorously promote an increase in the

proportion of Bank lending in support of

projects and programs which support investments in human capital and to seek the rapid

implementation by the Bank of systematic

mechanisms of consultation with locally affected populations in borrower countries either

directly or through appropriate representative

non-governmental organizations.

(b) ‘‘Investments in human capital’’ defined

As used in subsection (a) of this section, the

term ‘‘investments in human capital’’ means investments in projects, policies, and programs designed to improve urban and rural health care

and sanitation, basic nutrition, education, the

small-producer private sector, the economic activities of women, and the development of indigenous non-governmental organizations.

(Pub. L. 86–147, §34, as added Pub. L. 101–240,

title II, §202(a), Dec. 19, 1989, 103 Stat. 2498.)

REPORT TO CONGRESS

Section 202(b) of Pub. L. 101–240 provided that: ‘‘The

Chairman of the National Advisory Council on International Monetary and Financial Policies shall include

in the report required by section 1701 of the International Financial Institutions Act [22 U.S.C. 262r] for

fiscal year 1991 a report on the efforts undertaken by

the United States Executive Director of the InterAmerican Development Bank, and the progress to date,

in achieving the objectives of section 34 of the InterAmerican Development Bank Act [22 U.S.C. 283z–6].’’

§ 283z–7. Limitations on policy based lending

The Secretary of the Treasury shall—

(1) take all necessary steps to encourage the

Bank to limit the aggregate value of the policy based loans made by the Bank (other than

policy based loans made to any country which

the Bank has determined is economically less

developed or has a limited market economy,

which are used to purchase sovereign debt of

such country or to reduce the debt or debt

service burden of such country) during the 4-

year period beginning on January 1, 1990, to 25

percent of the aggregate value of all loans

made by the Bank during such 4-year period;

(2) take all necessary steps to encourage the

Bank to limit the aggregate value of the policy based loans made by the Bank to the government of a particular country during such 4-

year period, to 50 percent of the aggregate

value of all loans made by the Bank to such

government during such 4-year period;

(3) instruct the United States Executive Director of the Bank to explore with the other

Executive Directors of the Bank ways to use a

portion of the resources made available to the

Bank by reason of the subscription and contribution described in section 283z–5(a)(2) of

this title for debt reduction and debt service

reduction for countries described in paragraph

(1); and

(4) before the end of the 12-month period beginning on December 19, 1989, report to the

Congress on the matters described in paragraph (3).

(Pub. L. 86–147, §35, as added Pub. L. 101–240,

title II, §203, Dec. 19, 1989, 103 Stat. 2498.)

§ 283z–8. Increase in lending to Caribbean

The Secretary of the Treasury shall instruct

the United States Executive Director of the

Bank to enter into discussions with the management of the Bank and with other member country governments to seek to increase Bank lending to the Caribbean region, directly or through

appropriate financial intermediaries, for viable

projects which will—

(1) result in expanded regional economic integration, diversification, and industrial and

agricultural production, and improved infrastructure; and

(2) seek to ensure equitable and environmentally sustainable economic growth.

(Pub. L. 86–147, §36, as added Pub. L. 101–240,

title II, §204, Dec. 19, 1989, 103 Stat. 2499.)

§ 283z–9. Multilateral Investment Fund

(a) Authorization of contribution

The Secretary of the Treasury is authorized to

contribute, and to make payment of, $500,000,000

to the Multilateral Investment Fund established

pursuant to the agreements of February 11, 1992:

Provided, That such funds shall only be disbursed

from the Fund to countries that have governments that are democratically elected,1 that do

not harbor or sponsor international terrorists;

that do not fail to cooperate in narcotics matters; and that do not engage in a consistent pattern of gross violations of internationally recognized human rights.

(b) Authorization of appropriations

There is hereby authorized to be appropriated

without fiscal year limitation $500,000,000 for the

contribution authorized in subsection (a) of this

section.

(c) Environmental assessment of actions

If an Enterprise for the Americas Multilateral

Investment Fund is established pursuant to this

section, the Secretary of the Treasury shall instruct the United States representative to the

Fund not to vote in favor of any action proposed

to be taken by the Fund which may have a significant adverse effect on the environment unless an assessment of the impact of the action

on the environment has been available for at

least 120 days before the vote.

(Pub. L. 86–147, §37, as added Pub. L. 102–391,

title V, §594(b), Oct. 6, 1992, 106 Stat. 1693.)

§ 283z–10. Focus on low-income areas of Latin

America and Caribbean

The Secretary of the Treasury shall direct the

United States Executive Director of the Bank to

use the voice and vote of the United States to

support an increased focus on the poorest countries in Latin America and the Caribbean, and
Page 107 TITLE 22—FOREIGN RELATIONS AND INTERCOURSE § 283ff

1So in original. No subsec. (b) has been enacted.

on poorer areas of better off countries, and to

support programs conducted by the Multilateral

Investment Fund, particularly in targeting lowincome countries and populations, working with

nongovernmental organizations and training

and assisting former combatants from civil conflicts in Latin America.

(Pub. L. 86–147, §38, as added Pub. L. 103–306,

title V, §526(f), Aug. 23, 1994, 108 Stat. 1634.)

SUBCHAPTER XII–A—INTER-AMERICAN

INVESTMENT CORPORATION

§ 283aa. Acceptance of membership

The President is hereby authorized to accept

membership for the United States in the InterAmerican Investment Corporation (hereinafter

in this subchapter referred to as the ‘‘Corporation’’) provided for by the agreement establishing the Corporation (hereinafter in this subchapter referred to as the ‘‘agreement’’) deposited in the archives of the Inter-American Development Bank.

(Pub. L. 98–473, title I, §101(1) [title I], Oct. 12,

1984, 98 Stat. 1884, 1885.)

CODIFICATION

Section is based on section 202 of title II of S. 2416,

Ninety-eighth Congress, as introduced Mar. 13, 1984,

and enacted into law by Pub. L. 98–473.

SHORT TITLE

Section 201 of title II of S. 2416, as introduced in the

Senate Mar. 13, 1984, and as enacted into permanent law

by section 101(1) [title I] of Pub. L. 98–473, provided

that: ‘‘This title [enacting this subchapter and amending section 276c–2 of this title and section 24 of Title 12,

Banks and Banking] may be cited as the ‘Inter-American Investment Corporation Act’.’’

§ 283bb. Governor, Director, and alternates

The Governor and Executive Director of the

Inter-American Development Bank, and the alternate for each of them, appointed under section 283a of this title, shall serve as Governor,

Director, and alternates, respectively, of the

Corporation.

(Pub. L. 98–473, title I, §101(1) [title I], Oct. 12,

1984, 98 Stat. 1884, 1885.)

CODIFICATION

Section is based on section 203 of title II of S. 2416,

Ninety-eighth Congress, as introduced Mar. 13, 1984,

and enacted into law by Pub. L. 98–473.

§ 283cc. Applicability of Bretton Woods Agreements Act

The provisions of section 286b of this title

shall apply with respect to the Corporation to

the same extent as with respect to the International Bank for Reconstruction and Development and the International Monetary Fund.

(Pub. L. 98–473, title I, §101(1) [title I], Oct. 12,

1984, 98 Stat. 1884, 1885; Pub. L. 101–240, title V,

§541(e)(3), Dec. 19, 1989, 103 Stat. 2518.)

CODIFICATION

Section is based on section 204 of title II of S. 2416,

Ninety-eighth Congress, as introduced Mar. 13, 1984,

and enacted into law by Pub. L. 98–473.

AMENDMENTS

1989—Pub. L. 101–240 struck out at end ‘‘Reports with

respect to the Corporation under paragraphs (5) and (6)

of subsection (b) of section 286b of this title shall be included in the first and subsequent reports made thereunder after the United States accepts membership in

the Corporation.’’

§ 283dd. Restrictions

(a) 1 Unless authorized by law, neither the

President nor any person or agency shall, on behalf of the United States—

(1) subscribe to additional shares of stock of

the Corporation;

(2) vote for or agree to any amendment of

the agreement which increases the obligations

of the United States, or which changes the

purpose or functions of the Corporation; or

(3) make a loan or provide other financing to

the Corporation.

(Pub. L. 98–473, title I, §101(1) [title I], Oct. 12,

1984, 98 Stat. 1884, 1885.)

CODIFICATION

Section is based on section 205 of title II of S. 2416,

Ninety-eighth Congress, as introduced Mar. 13, 1984,

and enacted into law by Pub. L. 98–473.

§ 283ee. Federal Reserve banks as depositories

Any Federal Reserve bank which is requested

to do so by the Corporation shall act as its depository or as its fiscal agent, and the Board of

Governors of the Federal Reserve System shall

supervise and direct the carrying out of these

functions by the Federal Reserve banks.

(Pub. L. 98–473, title I, §101(1) [title I], Oct. 12,

1984, 98 Stat. 1884, 1885.)

CODIFICATION

Section is based on section 206 of title II of S. 2416,

Ninety-eighth Congress, as introduced Mar. 13, 1984,

and enacted into law by Pub. L. 98–473.

§ 283ff. Subscription of stock

(a) Secretary of the Treasury as subscribing authority

The Secretary of the Treasury is authorized to

subscribe on behalf of the United States to five

thousand one hundred shares of the capital

stock of the Corporation: 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) Authorization of appropriations

There is 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, $51,000,000.

(c) Disposition of dividends

Any payment of dividends made to the United

States by the Corporation shall be deposited

into the Treasury as a miscellaneous receipt.

(Pub. L. 98–473, title I, §101(1) [title I], Oct. 12,

1984, 98 Stat. 1884, 1885.)

CODIFICATION

Section is based on section 207 of title II of S. 2416,

Ninety-eighth Congress, as introduced Mar. 13, 1984,

and enacted into law by Pub. L. 98–473.