I

104TH CONGRESS

2D SESSION H. R. 4198

To authorize a new trade and investment policy for sub-Saharan Africa.

IN THE HOUSE OF REPRESENTATIVES

SEPTEMBER 26, 1996

Mr. CRANE (for himself, Mr. RANGEL, and Mr. MCDERMOTT) introduced the

following bill; which was referred to the Committee on International Relations, and in addition to the Committees on Ways and Means, and Banking and Financial Services, for a period to be subsequently determined

by the Speaker, in each case for consideration of such provisions as fall

within the jurisdiction of the committee concerned

A BILL

To authorize a new trade and investment policy for subSaharan Africa.

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled,

3 SECTION 1. SHORT TITLE.

4 This Act may be cited as the ‘‘African Growth and

5 Opportunity: The End of Dependency Act of 1996’’.

6 SEC. 2. FINDINGS.

7 The Congress finds that it is in the mutual economic

8 interest of the United States and sub-Saharan Africa to

9 expand their trade and investment relationship and to
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1 build a market-oriented transition path for sub-Saharan

2 Africa from dependency on foreign assistance to economic

3 self-sufficiency by—

4 (1) strengthening and expanding the private

5 sector in sub-Saharan Africa;

6 (2) encouraging increased trade and investment

7 between the United States and sub-Saharan Africa;

8 (3) reducing tariff and nontariff barriers and

9 other trade obstacles;

10 (4) expanding United States assistance to sub11 Saharan Africa’s regional integration efforts;

12 (5) negotiating free trade areas;

13 (6) establishing a United States-Sub-Saharan

14 Africa Trade and Investment Partnership;

15 (7) focusing on countries committed to eco16 nomic reform;

17 (8) establishing a United States-Sub-Saharan

18 Africa Economic Cooperation Forum; and

19 (9) continuing to support development assist20 ance for those countries in sub-Saharan Africa at21 tempting to build civil societies.

22 SEC. 3. STATEMENT OF POLICY.

23 The Congress supports the creation of a transition

24 path from development assistance to economic self-suffi25 ciency for those sub-Saharan African countries committed
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1 to economic and political reform, market incentives, and

2 private sector growth and poverty reduction.

3 SEC. 4. ELIGIBILITY REQUIREMENTS.

4 (a) IN GENERAL.—A sub-Saharan African country

5 shall be eligible to participate in programs, projects, or

6 activities, or receive assistance or other benefits under this

7 Act for a fiscal year only if the President determines that,

8 with respect to that fiscal year, the country has estab9 lished, or is making continual progress toward establish10 ing, a market-based economy, including the establishment

11 and enforcement of appropriate policies relating to—

12 (1) trade issues, such as protection of intellec13 tual property rights, improvements in standards,

14 testing, labeling and certification, and government

15 procurement;

16 (2) the protection of property rights, such as

17 protection against expropriation and a functioning

18 and fair judicial system;

19 (3) tax issues, such as reducing high import

20 and corporate taxes, controlling government con21 sumption, and participation in bilateral investment

22 treaties;

23 (4) foreign investment issues, such as imple24 menting measures to attract foreign investors and

25 supporting the growth of regional markets;
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1 (5) regulatory issues, such as eliminating gov2 ernment corruption, minimizing government inter3 vention in the market, and supporting the growth of

4 the private sector; and

5 (6) the private ownership of government-con6 trolled economic enterprises.

7 (b) CONTINUING COMPLIANCE.—

8 (1) MONITOR AND REVIEW OF CERTAIN COUN9 TRIES.—It is the sense of the Congress that the

10 President—

11 (A) should monitor and review on an an12 nual basis the progress of those sub-Saharan

13 African countries that have been determined to

14 be eligible under subsection (a) but are in need

15 of making continual progress in meeting one or

16 more of the requirements of such subsection;

17 and

18 (B) should transmit to the Congress annu19 ally a report on the eligibility criteria and eligi20 bility ranking of each country in sub-Saharan

21 Africa.

22 (2) INELIGIBILITY OF CERTAIN COUNTRIES.—It

23 is further the sense of the Congress that a sub-Sa24 haran African country described in paragraph (1)

25 that has not made continual progress in meeting the
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1 requirements in which it is not in compliance should

2 be ineligible to participate in programs, projects, or

3 activities, or receive assistance or other benefits,

4 under this Act.

5 SEC. 5. ADDITIONAL AUTHORITIES AND INCREASED FLEXI6 BILITY TO PROVIDE ASSISTANCE UNDER THE

7 DEVELOPMENT FUND FOR AFRICA.

8 (a) DECLARATIONS OF POLICY.—The Congress

9 makes the following declarations:

10 (1) The Development Fund for Africa estab11 lished under chapter 10 of part I of the Foreign As12 sistance Act of 1961 (22 U.S.C. 2293 et seq.) has

13 been an effective tool in providing development as14 sistance to sub-Saharan Africa since 1988.

15 (2) The Development Fund for Africa will com16 plement the other provisions of this Act and lay a

17 foundation for increased trade and investment op18 portunities between the United States and sub-Saha19 ran Africa.

20 (3) Assistance provided through the Develop21 ment Fund for Africa will continue to support pro22 grams and activities that promote the long term eco23 nomic development of sub-Saharan Africa, such as

24 programs and activities relating to the following:
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1 (A) Strengthening primary and vocational

2 education systems.

3 (B) Strengthening health care systems.

4 (C) Strengthening family planning service

5 delivery systems.

6 (D) Supporting democratization, good gov7 ernance and civil society and conflict resolution

8 efforts.

9 (E) Increasing food security by increasing

10 agricultural production and productivity and in11 creasing real incomes for poor individuals.

12 (F) Promoting an enabling environment

13 for private sector-led growth through economic

14 reform, privatization, and market economic ac15 tivities.

16 (G) Promoting decentralization and local

17 participation in the development process.

18 (H) Increasing the technical and manage19 rial capacity of sub-Saharan African individuals

20 to manage the economy of sub-Saharan Africa.

21 (I) Ensuring sustainable economic growth

22 through environmental protection.

23 (4) The African Development Foundation has a

24 unique congressional mandate to empower the poor

25 to participate fully in development and to increase
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1 opportunities for gainful employment, poverty allevi2 ation, and more equitable income distribution in sub3 Saharan Africa. The African Development Founda4 tion has worked successfully to enhance the role of

5 women as agents of change, strengthen the informal

6 sector with an emphasis on supporting micro and

7 small sized enterprises, indigenous technologies, and

8 mobilizing local financing. The African Development

9 Foundation should develop and implement strategies

10 for promoting participation of grassroots and infor11 mal sector groups such as cooperatives, artisans, and

12 traders into the programs and initiatives established

13 under this Act.

14 (b) ADDITIONAL AUTHORITIES.—

15 (1) IN GENERAL.—Section 496(h) of the For16 eign Assistance Act of 1961 (22 U.S.C. 2293(h)) is

17 amended—

18 (A) by redesignating paragraph (3) as

19 paragraph (4); and

20 (B) by inserting after paragraph (2) the

21 following:

22 ‘‘(3) DEMOCRATIZATION AND CONFLICT RESO23 LUTION CAPABILITIES.—Assistance under this sec24 tion may also include program assistance—
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1 ‘‘(A) to promote democratization, good

2 governance, and strong civil societies in sub-Sa3 haran Africa; and

4 ‘‘(B) to strengthen conflict resolution capa5 bilities of governmental and nongovernmental

6 entities in sub-Saharan Africa.’’.

7 (2) CONFORMING AMENDMENT.—Section

8 496(h)(4) of such Act, as amended by paragraph

9 (1), is further amended by striking ‘‘paragraphs (1)

10 and (2)’’ in the first sentence and inserting ‘‘para11 graphs (1), (2), and (3)’’.

12 (c) WAIVER AUTHORITY.—Section 496 of the For13 eign Assistance Act of 1961 (22 U.S.C. 2293) is amended

14 by adding at the end the following:

15 ‘‘(p) WAIVER AUTHORITY.—

16 ‘‘(1) IN GENERAL.—The President may waive

17 any provision of law that earmarks, for a specified

18 country, organization, or purpose, funds made avail19 able to carry out this chapter if the President deter20 mines that the waiver of such provision of law would

21 provide increased flexibility in carrying out this

22 chapter.

23 ‘‘(2) REQUIREMENT TO SUPERSEDE WAIVER

24 AUTHORITY.—The provisions of this subsection shall

25 not be superseded except by a provision of law en-
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1 acted after the date of the enactment of the African

2 Growth and Opportunity: The End of Dependency

3 Act of 1996 which specifically repeals, modifies, or

4 supersedes the provisions of this subsection.’’.

5 SEC. 6. UNITED STATES–SUB-SAHARA–AFRICA TRADE AND

6 ECONOMIC COOPERATION FORUM.

7 (a) DECLARATION OF POLICY.—The Congress de8 clares that institutionalized regular high-level meetings be9 tween appropriate officials of the United States Govern10 ment and officials of the governments of sub-Saharan Af11 rican countries are important to foster close economic ties

12 between the United States and sub-Saharan Africa.

13 (b) ESTABLISHMENT.—It is the sense of the Con14 gress that not later than 12 months after the date of the

15 enactment of this Act, the President should establish a

16 United States-Sub-Saharan Africa Trade and Economic

17 Cooperation Forum (hereafter in this section referred to

18 as the ‘‘Forum’’).

19 (c) REQUIREMENTS.—It is further the sense of the

20 Congress that in carrying out the Forum, the President

21 should meet the following requirements:

22 (1) The President should direct the Secretary

23 of Commerce, the Secretary of the Treasury, the

24 Secretary of State, and the United States Trade

25 Representative to host the first annual meeting with
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1 the counterparts of such Secretaries from the gov2 ernments of sub-Saharan African countries eligible

3 under section 4, and government officials from other

4 appropriate countries in Africa, to discuss expanding

5 trade and investment relations between the United

6 States and sub-Saharan Africa and the implementa7 tion of this Act.

8 (2)(A) The President should encourage United

9 States nongovernmental organizations to host an10 nual meetings with nongovernmental organizations

11 from sub-Saharan Africa in conjunction with the an12 nual meetings of the Forum for the purpose of dis13 cussing the issues described in paragraph (1).

14 (B) The President should encourage United

15 States representatives of the private sector to host

16 annual meetings with representatives of the private

17 sector from sub-Saharan Africa in conjunction with

18 the annual meetings of the Forum for the purpose

19 of discussing the issues described in paragraph (1).

20 (3) The President should, to the extent prac21 ticable, meet with the heads of governments of sub22 Saharan African countries eligible under section 4

23 not less than once every two years for the purpose

24 of discussing the issues described in paragraph (1).

25 The first such meeting should take place not later
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1 than twelve months after the date of the enactment

2 of this Act.

3 (d) AUTHORIZATION OF APPROPRIATIONS.—There

4 are authorized to be appropriated such sums as may be

5 necessary to carry out this section.

6 SEC. 7. UNITED STATES–SUB-SAHARAN AFRICA FREE

7 TRADE AREA.

8 (a) DECLARATION OF POLICY.—The Congress de9 clares that a United States-Sub-Saharan Africa Free

10 Trade Area should be established in order to serve as the

11 catalyst for increasing trade between the United States

12 and sub-Saharan Africa and increasing private sector de13 velopment in sub-Saharan Africa.

14 (b) PLAN REQUIREMENT.—

15 (1) IN GENERAL.—The President shall develop

16 a plan for the purpose of entering into one or more

17 trade agreements with sub-Saharan African coun18 tries eligible under section 4 in order to establish a

19 United States-Sub-Saharan Africa Free Trade Area

20 (hereafter in this section referred to as the ‘‘Free

21 Trade Area’’) by the year 2020.

22 (2) ELEMENTS OF PLAN.—The plan shall in23 clude the following:
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1 (A) The specific objectives of the United

2 States with respect to the establishment of the

3 Free Trade Area.

4 (B) The benefits to both the United States

5 and sub-Saharan Africa with respect to the

6 Free Trade Area.

7 (C) A detailed timetable for establishing

8 the Free Trade Area.

9 (D) The role of regional and sub-regional

10 organizations in sub-Saharan Africa with re11 spect to the Free Trade Area.

12 (E) Subject matter anticipated to be cov13 ered by the agreement for establishing the Free

14 Trade Area and United States laws, programs,

15 and policies that may be affected by the agree16 ment.

17 (F) Proposals to ensure the following:

18 (i) Adequate consultation with the

19 Congress and the private sector during the

20 negotiation of the agreement for establish21 ing the Free Trade Area.

22 (ii) Consultation with the Congress re23 garding all matters relating to implementa24 tion of the agreement.
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1 (iii) Approval by the Congress of the

2 agreement.

3 (c) REPORTING REQUIREMENT.—Not later than 12

4 months after the date of the enactment of this Act, the

5 President shall prepare and transmit to the Congress a

6 report containing the plan developed pursuant to sub7 section (b).

8 SEC. 8. ELIMINATING TRADE BARRIERS AND ENCOURAG9 ING EXPORTS.

10 (a) FINDINGS.—The Congress finds that—

11 (1) the lack of competitiveness of sub-Saharan

12 Africa in the global market, especially in the manu13 facturing sector, make it a limited threat to market

14 disruption and no threat to United States jobs; and

15 (2) annual textile and clothing exports to the

16 United States from sub-Saharan Africa represent

17 less than 1 percent (approximately $350,000,000) of

18 the $43,000,000,000 textile and clothing market in

19 the United States.

20 (b) SENSE OF THE CONGRESS.—It is the sense of

21 the Congress that—

22 (1) until textile and clothing exports to the

23 United States from sub-Saharan Africa reach much

24 higher levels the safeguard provisions of the Agree-
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1 ment on Textiles and Clothing should not apply to

2 such textile and clothing exports; and

3 (2) pursuant to the Agreement on Textiles and

4 Clothing the United States should eliminate the ex5 isting quotas on textile and clothing exports to the

6 United States from Kenya and Mauritius.

7 (c) DEFINITION.—For purposes of this section, the

8 term ‘‘Agreement on Textiles and Clothing’’ means the

9 Agreement on Textiles and Clothing referred to in section

10 101(d)(4) of the Uruguay Round Agreements Act (19

11 U.S.C. 3511(d)(4)).

12 SEC. 9. SUPPORT FOR INITIATIVES OF EXECUTIVE BRANCH

13 IN TRADE AND DEVELOPMENT POLICY FOR

14 AFRICA.

15 The Congress supports and encourages implementa16 tion of the following initiatives included in the report of

17 the President on trade and development policy for the

18 countries of Africa that was submitted under section 134

19 of the Uruguay Round Agreements Act (19 U.S.C. 3554)

20 on February 5, 1996:

21 (1) The creation in the executive branch of a

22 permanent African Trade and Development Coordi23 nating Group, an interagency group to be chaired by

24 the National Security Council and the National Eco25 nomic Council.
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1 (2) The creation of a permanent Working

2 Group on Africa within the Trade Promotion Coordi3 nating Committee of the Department of Commerce,

4 which will have primary responsibility for overseeing

5 the implementation of trade and investment policy

6 for sub-Saharan Africa, and for implementation of

7 this Act. The working group shall also be responsible

8 for providing information to and consulting with the

9 Congress with respect to this Act.

10 (3) Requesting the International Bank for Re11 construction and Development to provide technical

12 assistance to regional organizations and countries in

13 sub-Saharan Africa that are interested in developing

14 a ‘‘guide to investment regulatory procedures’’.

15 (4) Support by the United States, where appro16 priate, of participation by the International Bank for

17 Reconstruction and Development and the Inter18 national Finance Corporation in providing financing

19 for participation by countries in improving the

20 telecommunications infrastructure of sub-Saharan

21 Africa.

22 (5) Consideration by the Export-Import Bank

23 of the United States of making its programs avail24 able to support a project in sub-Saharan Africa that

25 extracts minerals for export even in a country that
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1 does not meet the Bank’s criteria for credit worthi2 ness, if the project is in the private sector and if an

3 escrow account can be established to ensure the re4 payment of loans provided with the Bank’s support.

5 (6) The continued availability of the programs

6 of the Export-Import Bank of the United States to

7 support credit worthy infrastructure projects in sub8 Saharan Africa.

9 (7) Consideration by the Export-Import Bank

10 of the United States of making its programs avail11 able for infrastructure projects in sub-Saharan Afri12 ca that are carried out by the private sector in coun13 tries that may not meet the Bank’s criteria for cred14 it worthiness, if the projects are able to generate

15 hard currency for escrow accounts to ensure the re16 payment of loans provided with the Bank’s support.

17 (8) The reevaluation by the Trade and Develop18 ment Agency of the share of its budget allocated for

19 feasibility studies for infrastructure projects in sub20 Saharan Africa to determine if it is appropriate to

21 increase that share.

22 (9) The increased efforts by the Overseas Pri23 vate Investment Corporation to encourage United

24 States companies to invest in the countries of sub25 Saharan Africa.
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1 (10) Efforts by United States embassies in the

2 countries of sub-Saharan Africa to encourage their

3 host governments to participate in the ongoing Ne4 gotiating Group on Basic Telecommunications of the

5 World Trade Organization in order to encourage the

6 removal of tariff and nontariff barriers, and to fos7 ter competition in, the telecommunications sector in

8 those countries.

9 (11) Technical assistance by the Department of

10 Energy to the countries of sub-Saharan Africa to as11 sist them in adopting policies that would facilitate

12 private investment in water and power generation.

13 (12) Amendments to the Agricultural Trade

14 Development and Assistance Act of 1954 to be pro15 posed by the Department of Agriculture to promote

16 more direct investment in and technology transfer to

17 the countries of sub-Saharan Africa.

18 SEC. 10. SUB-SAHARAN AFRICA ENTERPRISE FUNDS.

19 (a) PURPOSES.—

20 (1) IN GENERAL.—The purposes of this section

21 are to promote—

22 (A) the development of the private sector

23 in sub-Saharan Africa, including the develop24 ment of small- and medium-sized businesses,

25 the agricultural sector, privatization, and joint
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1 ventures among sub-Saharan African businesses

2 and between such businesses and United States

3 businesses; and

4 (B) policies and practices conducive to the

5 development of the private sector in sub-Saha6 ran Africa through loans, grants, equity invest7 ments, feasibility studies, technical assistance,

8 insurance, loan guarantees, and other appro9 priate measures.

10 (2) ADDITIONAL PURPOSES.—In addition to the

11 purposes specified in paragraph (1)—

12 (A) the primary purpose of the Sub-Saha13 ran Africa Equity Enterprise Fund designated

14 under subsection (c)(1)(A) shall be to achieve

15 long-term capital appreciation through equity

16 investments in sub-Saharan Africa; and

17 (B) the primary purpose of the Sub-Saha18 ran Africa Infrastructure Enterprise Fund des19 ignated under subsection (c)(1)(A) shall be to

20 achieve long-term capital appreciation through

21 investing in financing for the expansion of busi22 nesses in sub-Saharan Africa, restructurings,

23 management buyouts and buyins, businesses

24 with local ownership, privatizations, and other

25 infrastructure projects in sub-Saharan Africa.
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1 (b) AUTHORIZATION OF APPROPRIATIONS.—

2 (1) DIRECT LOANS AND LOAN GUARANTEES.—

3 There are authorized to be appropriated to carry out

4 this section for fiscal year 1997—

5 (A) $30,000,000 for the subsidy cost, as

6 defined in section 502(5) of the Federal Credit

7 Reform Act of 1990, of direct loans and loan

8 guarantees provided for the Sub-Saharan Africa

9 Equity Enterprise Fund; and

10 (B) $30,000,000 for the subsidy cost, as

11 defined in section 502(5) of the Federal Credit

12 Reform Act of 1990, of direct loans and loan

13 guarantees provided for the Sub-Saharan Africa

14 Infrastructure Enterprise Fund.

15 (2) ADMINISTRATIVE EXPENSES.—There are

16 authorized to be appropriated $6,000,000 to the Ad17 ministrator of the Agency for International Develop18 ment for necessary administrative expenses to carry

19 out this section for fiscal year 1997.

20 (3) AVAILABILITY.—Amounts authorized to be

21 appropriated under this subsection are authorized to

22 remain available until expended.

23 (c) DESIGNATION AND MANAGEMENT OF ENTER24 PRISE FUNDS.—
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1 (1) IN GENERAL.—The Administrator of the

2 United States Agency for International Develop3 ment—

4 (A) shall, through an open competitive bid

5 process, enter into one or more agreements with

6 an investment management company to des7 ignate and manage two private, nonprofit orga8 nizations as eligible to receive funds and sup9 port pursuant to this section for the purposes

10 specified in subsection (a) (for purposes of this

11 section, the organizations so designated shall be

12 referred to as the Sub-Saharan Africa Equity

13 Enterprise Fund and the Sub-Saharan Africa

14 Infrastructure Enterprise Fund (hereinafter in

15 this section referred to as the ‘‘Enterprise

16 Funds’’)); and

17 (B) shall have overall responsibility for the

18 oversight and regulation of the investment man19 agement company and the Enterprise Funds.

20 (2) CONSULTATION WITH CONGRESS.—The Ad21 ministrator of the United States Agency for Inter22 national Development shall consult with the leader23 ship of the House of Representatives and the Senate

24 before entering into one or more contracts with an
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1 investment management company pursuant to para2 graph (1).

3 (3) ADVISORY BOARD.—

4 (A) ESTABLISHMENT.—The Administrator

5 of the United States Agency for International

6 Development shall establish an advisory board

7 for the purpose of assisting the Administrator

8 in carrying out this section.

9 (B) MEMBERSHIP.—The advisory board

10 established pursuant to subparagraph (A) shall

11 be comprised of private citizens of the United

12 States who have extensive experience and exper13 tise in those areas of private sector financing

14 and development in sub-Saharan Africa in

15 which the Enterprise Funds are involved.

16 (d) DIRECT LOANS AND LOAN GUARANTEES FOR

17 ENTERPRISE FUNDS.—

18 (1) IN GENERAL.—From funds appropriated

19 pursuant to subsection (b), the Administrator of the

20 United States Agency for International Development

21 shall provide direct loans to and issue loan guaran22 tees for each Enterprise Fund to enable the Enter23 prise Fund—

24 (A) to carry out the purposes specified in

25 subsection (a); and
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1 (B) subject to paragraph (2)(B), to pro2 vide for the administrative expenses of the En3 terprise Fund.

4 (2) ADDITIONAL REQUIREMENTS.—The follow5 ing additional requirements shall apply to loan guar6 antees under paragraph (1):

7 (A) The total principal amount of loan

8 guarantees which may be issued under para9 graph (1) shall not exceed $100,000,000.

10 (B) An Enterprise Fund—

11 (i) may not use more than 3 percent

12 of the amount of any loan guaranteed

13 under paragraph (1) for administrative ex14 penses of the Enterprise Fund; and

15 (ii) may not use more than 3 percent

16 of the amount of any loan guaranteed

17 under paragraph (1) for technical assist18 ance and training activities.

19 (e) ELIGIBLE PROGRAMS AND PROJECTS.—

20 (1) IN GENERAL.—An Enterprise Fund shall

21 use the proceeds of any direct loan or loan guaran22 tee under subsection (d) to provide assistance pursu23 ant to this section only for programs and projects

24 that are consistent with the purposes specified in

25 subsection (a).
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1 (2) SPECIFIC PROGRAMS AND PROJECTS.—An

2 Enterprise Fund may, in accordance with paragraph

3 (1), provide for the following programs and projects:

4 (A) The establishment of Employee Stock

5 Ownership Plans (ESOPs) in sub-Saharan Afri6 ca.

7 (B) The development of indigenous credit

8 unions in sub-Saharan Africa in accordance

9 with the same terms and conditions applicable

10 to the development of indigenous credit unions

11 in Poland and Hungary under section 201(f)(3)

12 of the Support for East European Democracy

13 (SEED) Act of 1989 (22 U.S.C. 5421(f)(3)).

14 (C) The establishment of mutual funds for

15 the purpose of encouraging citizens of sub-Sa16 haran African countries to save and invest.

17 (f) ANNUAL REPORTS.—Not later than January 31,

18 1998, and January 31 each subsequent year, each Enter19 prise Fund shall publish an annual report that includes

20 a comprehensive and detailed description of the oper21 ations, activities, financial condition, and accomplishments

22 of the Enterprise Fund under this section for the preced23 ing fiscal year.

24 (g) ADDITIONAL TERMS AND CONDITIONS.—The fol25 lowing additional terms and conditions shall apply to the
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1 Enterprise Funds in the same manner as such terms and

2 conditions apply to the Polish-American Enterprise Fund

3 and the Hungarian-American Enterprise Fund designated

4 under section 201 of the Support for East European De5 mocracy (SEED) Act of 1989 (22 U.S.C. 5421):

6 (1) The provision relating to nonapplicability of

7 other laws under section 201(c) of such Act.

8 (2) The provision relating to the private char9 acter of the Enterprise Funds under section

10 201(d)(5) of such Act.

11 (3) The provision relating to matters to be con12 sidered by the Enterprise Funds under section

13 201(g) of such Act.

14 (4) The provision relating to retention of inter15 est under section 201(h) of such Act.

16 (5) The provision relating to the use of United

17 States private venture capital under section 201(i)

18 of such Act, except that, in addition to the methods

19 for raising venture capital under such section, the

20 Enterprise Fund may also raise venture capital from

21 pension funds from appropriate international organi22 zations, including international financial institutions

23 such as the African Development Bank.
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1 (6) The provision relating to financial instru2 ments for individual investment under section 201(j)

3 of such Act.

4 (7) The provision relating to nonapplicability of

5 other laws under section 201(k) of such Act.

6 (8) The provision relating to limitation on pay7 ments to Enterprise Fund personnel under section

8 201(l) of such Act.

9 (9) The provision relating to independent pri10 vate audits under section 201(m) of such Act.

11 (10) The provision relating to audits by the

12 General Accounting Office under section 201(n) of

13 such Act.

14 (11) The provision relating to recordkeeping

15 under section 201(o) of such Act.

16 SEC. 11. EXPORT-IMPORT BANK INITIATIVE.

17 (a) BOARD OF DIRECTORS TO INCLUDE MEMBER

18 WITH EXTENSIVE PRIVATE SECTOR EXPERIENCE IN

19 SUB-SAHARAN AFRICA.—Section 3(c)(8)(B) of the Ex20 port-Import Bank Act of 1945 (12 U.S.C. 635a(c)(8)(B))

21 is amended by inserting ‘‘, and one such member shall be

22 selected from among persons who have extensive private

23 sector experience in sub-Saharan Africa’’ before the pe24 riod.
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1 (b) ADVISORY BOARD TO ASSIST BOARD OF DIREC2 TORS IN FACILITATING ASSISTANCE TO AND INVESTMENT

3 IN SUB-SAHARAN AFRICA.—

4 (1) IN GENERAL.—Section 3 of such Act (12

5 U.S.C. 635a) is amended by adding at the end the

6 following:

7 ‘‘(f) The Board of Directors shall take prompt meas8 ures to increase the loan, guarantee, and insurance pro9 grams, and financial commitments, of the Bank in sub10 Saharan Africa, including through the establishment and

11 use of an advisory committee to assist the Board of Direc12 tors in developing and implementing policies, programs,

13 and financial instruments designed to support the expan14 sion of, and increase in, the provision of loans, guarantees,

15 and insurance with respect to sub-Saharan Africa. In ad16 dition, the advisory board shall make recommendations to

17 the Board of Directors on how the Bank can facilitate

18 greater support by United States commercial banks for

19 trade and investment with and in sub-Saharan Africa.’’.

20 (2) REPORTS TO THE CONGRESS.—Within 6

21 months after the date of the enactment of this Act,

22 and annually for each of the 4 years thereafter, the

23 Board of Directors shall submit to the Congress a

24 report on the steps that the Board has taken to im25 plement section 3(f) of the Export-Import Bank Act
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1 of 1945 and any recommendations of the advisory

2 board established pursuant to such section.

3 SEC. 12. ESTABLISHMENT OF ASSISTANT UNITED STATES

4 TRADE REPRESENTATIVE FOR SUB-SAHARAN

5 AFRICA.

6 It is the sense of the Congress that—

7 (1) the President should establish a position of

8 Assistant United States Trade Representative within

9 the Office of the United States Trade Representative

10 to focus on trade issues relating to sub-Saharan Af11 rica; and

12 (2) such Assistant United States Trade Rep13 resentative should have adequate funding and staff

14 to carry out the duties described in paragraph (1).

15 SEC. 13. REPORTING REQUIREMENT.

16 The President shall submit to the Congress, not later

17 than 1 year after the date of the enactment of this Act,

18 and not later than the end of each of the next four 1-

19 year periods thereafter, a report on the implementation

20 of this Act.

Æ