‘‘(9) CORAL REEF AND OTHER COASTAL MA-
RINE
RESOURCES
AGREEMENT.—The term ‘Coral 
Reef and Other Coastal Marine Resources Agree-
ment’ or ‘Agreement’ means an Coral Reef and 
Other Coastal Marine Resources Agreement as pro-
vided for in section 908. 
‘‘(10) CORAL REEF AND OTHER COASTAL MA-
RINE RESOURCES FACILITY.—The term ‘Coral Reef 
and Other Coastal Marine Resources Facility’ or 
‘Facility’ means the Coral Reef and Other Coastal 
Marine Resources Facility established in the Depart-
ment of the Treasury by section 904. 
‘‘(11) CORAL REEF AND OTHER COASTAL MA-
RINE RESOURCES FUND.—The term ‘Coral Reef and 
Other Coastal Marine Resources Fund’ or ‘Fund’ 
means a Coral Reef and Other Coastal Marine Re-
sources Fund provided for in section 909. 
‘‘SEC. 904. ESTABLISHMENT OF THE FACILITY. 
‘‘There is established in the Department of the 
Treasury an entity to be known as the ‘Coral Reef and 
Other Coastal Marine Resources Facility’ for the purpose 
of providing for the administration of debt reduction in 
accordance with this part.
‘‘SEC. 905. ELIGIBILITY FOR BENEFITS. 
‘‘(a) IN GENERAL.—To be eligible for benefits from 
the Facility under this part, a country shall be a devel-
oping country with a coral reef or other coastal marine 
resource—
‘‘(1) the government of which meets the re-
quirements applicable to Latin American or Carib-
bean countries under paragraphs (1) through (5) 
and (7) of section 703(a) of this Act; and 
‘‘(2) that has established investment reforms, 
as evidenced by the conclusion of a bilateral invest-
ment treaty with the United States, implementation 
of an investment sector loan with the Inter-Amer-
ican Development Bank, World Bank-supported in-
vestment reforms, or other measures, as appropriate. 
‘‘(b) ELIGIBILITY DETERMINATIONS.—
‘‘(1) IN GENERAL.—Consistent with subsection 
(a), the President shall determine whether a country 
is eligible to receive benefits under this part. 
‘‘(2) 
CONGRESSIONAL
NOTIFICATION.—The 
President shall notify the appropriate congressional 
committees of the intention of the President to des-
ignate a country as an eligible country at least 15 
days in advance of any formal determination.
‘‘SEC. 906. REDUCTION OF DEBT OWED TO THE UNITED 
STATES AS A RESULT OF CONCESSIONAL 
LOANS UNDER THIS ACT. 
‘‘(a) AUTHORITY TO REDUCE DEBT.—
‘‘(1) AUTHORITY.—The President may reduce 
the amount owed to the United States (or any agen-
cy of the United States) that is outstanding as of 
January 1, 2005, as a result of concessional loans 
made to an eligible country by the United States 
under this Act or predecessor foreign economic as-
sistance legislation. 
‘‘(2) AUTHORIZATION
OF
APPROPRIATIONS.—
For the cost (as defined in section 502(5) of the 
Federal Credit Reform Act of 1990) for the reduc-
tion of any debt pursuant to this section, there are 
authorized to be appropriated to the President 
$10,000,000 for each of the fiscal years 2006 
through 2009. 
‘‘(3) CERTAIN PROHIBITIONS INAPPLICABLE.—
‘‘(A) IN GENERAL.—A reduction of debt 
pursuant to this section shall not be considered 
assistance for purposes of any provision of law 
limiting assistance to a country. 
‘‘(B) ADDITIONAL
REQUIREMENT.—The 
authority of this section may be exercised not-
withstanding section 620(r) of this Act or sec-
tion 321 of the International Development and 
Food Assistance Act of 1975. 
‘‘(b) IMPLEMENTATION OF DEBT REDUCTION.—
‘‘(1) IN GENERAL.—Any debt reduction pursu-
ant to subsection (a) shall be accomplished at the di-
rection of the Facility by the exchange of a new obli-
gation for obligations of the type referred to in sub-
section (a) outstanding as of the date specified in 
subsection (a)(1). 
‘‘(2) EXCHANGE OF OBLIGATIONS.—
‘‘(A) IN GENERAL.—The Facility shall no-
tify the United States Agency for International 
Development of an agreement entered into 
under paragraph (1) with an eligible country to 
exchange a new obligation for outstanding obli-
gations. 
‘‘(B) ADDITIONAL REQUIREMENT.—At the 
direction of the Facility, the old obligations that 
are the subject of the agreement shall be can-
celed and a new debt obligation for the country 
shall be established relating to the agreement, 
and the United States Agency for International 
Development shall make an adjustment in its 
accounts to reflect the debt reduction.
‘‘(c) ADDITIONAL TERMS
AND CONDITIONS.—The 
following additional terms and conditions shall apply to 
the reduction of debt under subsection (a)(1) in the same 
manner as such terms and conditions apply to the reduc-
tion of debt under section 704(a)(1) of this Act: 
‘‘(1) The provisions relating to repayment of 
principal under section 705 of this Act. 
‘‘(2) The provisions relating to interest on new 
obligations under section 706 of this Act. 
‘‘SEC. 907. AUTHORITY TO ENGAGE IN DEBT-FOR-NATURE 
SWAPS AND DEBT BUYBACKS. 
‘‘(a) LOANS AND CREDITS ELIGIBLE FOR SALE, RE-
DUCTION, OR CANCELLATION.—
‘‘(1) DEBT-FOR-NATURE SWAPS.—
‘‘(A) IN GENERAL.—Notwithstanding any 
other provision of law, the President may, in 
accordance with this section, sell to any eligible 
purchaser described in subparagraph (B) any 
concessional 
loans 
described 
in 
section 
906(a)(1), or on receipt of payment from an eli-
gible purchaser described in subparagraph (B), 
reduce or cancel such loans or portion thereof, 
only for the purpose of facilitating a debt-for-
nature swap to support eligible activities de-
scribed in section 908(d).
‘‘(B) ELIGIBLE PURCHASER DESCRIBED.—
A loan may be sold, reduced, or canceled under 
subparagraph (A) only to a purchaser who pre-
sents plans satisfactory to the President for 
using the loan for the purpose of engaging in 
debt-for-nature swaps to support eligible activi-
ties described in section 908(d). 
‘‘(C) CONSULTATION REQUIREMENT.—Be-
fore the sale under subparagraph (A) to any eli-
gible purchaser described in subparagraph (B), 
or any reduction or cancellation under such 
subparagraph (A), of any loan made to an eligi-
ble country, the President shall consult with the 
country concerning the amount of loans to be 
sold, reduced, or canceled and their uses for 
debt-for-nature swaps to support eligible activi-
ties described in section 908(d). 
‘‘(D) 
AUTHORIZATION
OF
APPROPRIA-
TIONS.—For the cost (as defined in section 
502(5) of the Federal Credit Reform Act of 
1990) for the reduction of any debt pursuant to 
subparagraph (A), amounts authorized to be 
appropriated under section 906(a)(2) shall be 
made available for such reduction of debt pur-
suant to subparagraph (A).
‘‘(2) DEBT
BUYBACKS.—Notwithstanding any 
other provision of law, the President may, in accord-
ance with this section, sell to any eligible country 
any 
concessional 
loans 
described 
in 
section 
906(a)(1), or on receipt of payment from an eligible 
purchaser described in paragraph (1)(B), reduce or 
cancel such loans or portion thereof, only for the 
purpose of facilitating a debt buyback by an eligible 
country of its own qualified debt, only if the eligible 
country uses an additional amount of the local cur-
rency of the eligible country, equal to not less than 
the lessor of 40 percent of the price paid for such 
debt by such eligible country, or the difference be-
tween the price paid for such debt and the face value 
of such debt, to support eligible activities described 
in section 908(d). 
‘‘(3) LIMITATION.—The authority provided by 
paragraphs (1) and (2) shall be available only to the 
extent that appropriations for the cost (as defined in 
section 502(5) of the Federal Credit Reform Act of 
1990) of the modification of any debt pursuant to 
such paragraphs are made in advance. 
‘‘(4) 
TERMS
AND
CONDITIONS.—Notwith-
standing any other provision of law, the President 
shall, in accordance with this section, establish the
terms and conditions under which loans may be sold, 
reduced, or canceled pursuant to this section. 
‘‘(5) ADMINISTRATION.—
‘‘(A) IN GENERAL.—The Facility shall no-
tify the Administrator of the United States 
Agency for International Development of eligi-
ble purchasers described in paragraph (1)(B) 
that the President has determined to be eligible 
under paragraph (1), and shall direct such 
agency to carry out the sale, reduction, or can-
cellation of a loan pursuant to such paragraph. 
‘‘(B) ADDITIONAL
REQUIREMENT.—Such 
agency shall make an adjustment in its ac-
counts to reflect the sale, reduction, or cancella-
tion of such a loan. 
‘‘(b) DEPOSIT OF PROCEEDS.—The proceeds from 
the sale, reduction, or cancellation of any loan sold, re-
duced or canceled pursuant to this section shall be depos-
ited in the United States Government account or accounts 
established for the repayment of such loan. 
‘‘SEC. 908. CORAL REEF AND OTHER COASTAL MARINE RE-
SOURCES AGREEMENT. 
‘‘(a) AUTHORITY.—
‘‘(1) IN GENERAL.—The Secretary of State is 
authorized, in consultation with other appropriate
officials of the Federal Government, to enter into a 
Coral Reef and Other Coastal Marine Resources 
Agreement with any eligible country concerning the 
operation and use of the Fund for that country. 
‘‘(2) CONSULTATION.—In the negotiation of 
such an Agreement, the Secretary shall consult with 
the Board in accordance with section 910. 
‘‘(b) CONTENTS OF AGREEMENT.—The requirements 
contained in section 708(b) of this Act (relating to con-
tents of an agreement) shall apply to an Agreement in 
the same manner as such requirements apply to an Amer-
icas Framework Agreement. 
‘‘(c) ADMINISTERING BODY.—
‘‘(1) IN
GENERAL.—Amounts disbursed from 
the Fund in each beneficiary country shall be admin-
istered by a body constituted under the laws of that 
country. 
‘‘(2) COMPOSITION.—
‘‘(A) IN
GENERAL.—The administering 
body shall consist of—
‘‘(i) one or more individuals appointed 
by the United States Government; 
‘‘(ii) one or more individuals ap-
pointed by the government of the bene-
ficiary country; and
‘‘(iii) individuals who represent a 
broad range of—
‘‘(I) environmental non-govern-
mental organizations of, or active in, 
the beneficiary country; 
‘‘(II) local community develop-
ment non-governmental organizations 
of the beneficiary country; and 
‘‘(III) scientific, academic, or for-
estry organizations of the beneficiary 
country. 
‘‘(B) ADDITIONAL REQUIREMENT.—A ma-
jority of the members of the administering body 
shall be individuals described in subparagraph 
(A)(iii). 
‘‘(3) 
RESPONSIBILITIES.—The 
requirements 
contained in section 708(c)(3) of this Act (relating 
to responsibilities of the administering body) shall 
apply to an administering body described in para-
graph (1) in the same manner as such requirements 
apply to an administering body described in section 
708(c)(1) of this Act. 
‘‘(d) ELIGIBLE ACTIVITIES.—Amounts deposited in a 
Fund shall be used only to provide grants to conserve, 
maintain, and restore the coral reefs and other coastal ma-
rine resources in the beneficiary country, through one or 
more of the following activities: 
‘‘(1) Establishment, restoration, protection, and 
maintenance of parks, protected areas, and reserves. 
‘‘(2) Development and implementation of sci-
entifically sound systems of natural resource man-
agement, including ‘ridgeline to reef’ and ecosystem 
management practices. 
‘‘(3) Training programs to increase the sci-
entific, technical, and managerial capacities of indi-
viduals and organizations involved in conservation 
efforts. 
‘‘(4) Restoration, protection, or sustainable use 
of diverse marine animal and plant species. 
‘‘(5) Development and support of the livelihoods 
of individuals living near a coral reef or other coast-
al marine resource, in a manner consistent with pro-
tecting those resources. 
‘‘(e) GRANT RECIPIENTS.—
‘‘(1) IN GENERAL.—Grants made from a Fund 
shall be made to—
‘‘(A) nongovernmental environmental, for-
estry, conservation, and indigenous peoples or-
ganizations of, or active in, the beneficiary 
country;
‘‘(B) other appropriate local or regional 
entities of, or active in, the beneficiary country; 
or 
‘‘(C) in exceptional circumstances, the gov-
ernment of the beneficiary country. 
‘‘(2) PRIORITY.—In providing grants under 
paragraph (1), priority shall be given to projects 
that are run by nongovernmental organizations and 
other private entities and that involve local commu-
nities in their planning and execution. 
‘‘(f) REVIEW OF LARGER GRANTS.—Any grant of 
more than $100,000 from a Fund shall be subject to veto 
by the Government of the United States or the govern-
ment of the beneficiary country. 
‘‘(g) ELIGIBILITY CRITERIA.—In the event that a 
country ceases to meet the eligibility requirements set 
forth in section 905(a), as determined by the President 
pursuant to section 905(b), then grants from the Fund 
for that country may only be made to nongovernmental 
organizations until such time as the President determines 
that such country meets the eligibility requirements set 
forth in section 905(a).
‘‘SEC. 909. CORAL REEF AND OTHER COASTAL MARINE RE-
SOURCES FUND. 
‘‘(a) ESTABLISHMENT.—Each beneficiary country 
that enters into a Coral Reef and Other Coastal Marine 
Resources Agreement under section 908 shall be required 
to establish a Coral Reef and Other Coastal Marine Re-
sources Fund to receive payments of interest on new obli-
gations undertaken by the beneficiary country under this 
part. 
‘‘(b) REQUIREMENTS RELATING TO OPERATION OF 
FUND.—The following terms and conditions shall apply 
to the Fund in the same manner as such terms as condi-
tions apply to an Enterprise for the Americas Fund under 
section 707 of this Act: 
‘‘(1) The provision relating to deposits under 
subsection (b) of such section. 
‘‘(2) The provision relating to investments 
under subsection (c) of such section. 
‘‘(3) The provision relating to disbursements 
under subsection (d) of such section. 
‘‘SEC. 910. BOARD. 
‘‘(a) ENTERPRISE FOR THE AMERICAS BOARD.—The 
Enterprise for the Americas Board established under sec-
tion 610(a) of the Agricultural Trade Development and 
Assistance Act of 1954 (7 U.S.C. 1738i(a)) shall, in addi-
tion to carrying out the responsibilities of the Board under
section 610(c) of such Act, carry out the duties described 
in subsection (c) of this section for the purposes of this 
part. 
‘‘(b) MEMBERSHIP.—
‘‘(1) INITIAL MEMBERSHIP.—Of the six mem-
bers of the Enterprise for the Americas Board ap-
pointed by the President under section 610(b)(1)(A) 
of the Agricultural Trade Development and Assist-
ance Act of 1954 (7 U.S.C. 1738i(b)(1)(A)), at least 
one shall be a representative of the Department of 
State, at least one shall be a representative of the 
Department of the Treasury, and at least one shall 
be a representative of the Inter-American Founda-
tion. 
‘‘(2) ADDITIONAL
MEMBERSHIP.—The Enter-
prise for the Americas Board shall be composed of 
an additional four members appointed by the Presi-
dent as follows: 
‘‘(A) Two representatives from the United 
States Government, including a representative 
of the National Oceanographic and Atmospheric 
Administration (NOAA) and a representative of 
the United States Geological Survey (USGS). 
‘‘(B) Two representatives from private 
nongovernmental environmental, scientific, for-
estry, or academic organizations with experience 
and expertise in preservation, maintenance, sus-
tainable uses, and restoration of coral reefs and 
other coastal marine resources. 
‘‘(c) DUTIES.—The duties described in this sub-
section are as follows: 
‘‘(1) Advise the Secretary of State on the nego-
tiations of Coral Reef and Other Coastal Marine Re-
sources Agreements. 
‘‘(2) Ensure, in consultation with—
‘‘(A) the government of the beneficiary 
country; 
‘‘(B) nongovernmental organizations of the 
beneficiary country; 
‘‘(C) nongovernmental organizations of the 
region (if appropriate); 
‘‘(D) environmental, scientific, oceano-
graphic, and academic leaders of the beneficiary 
country; and 
‘‘(E) environmental, scientific, oceano-
graphic, and academic leaders of the region (as 
appropriate), 
that a suitable administering body is identified for 
each Fund.
‘‘(3) Review the programs, operations, and fis-
cal audits of each administering body. 
‘‘SEC. 911. CONSULTATIONS WITH THE CONGRESS. 
‘‘The President shall consult with the appropriate 
congressional committees on a periodic basis to review the 
operation of the Facility under this part and the eligibility 
of countries for benefits from the Facility under this part. 
‘‘SEC. 912. ANNUAL REPORTS TO THE CONGRESS. 
‘‘(a) IN GENERAL.—Not later than December 31 of 
each year, the President shall prepare and transmit to the 
Congress an annual report concerning the operation of the 
Facility for the prior fiscal year. Such report shall in-
clude—
‘‘(1) a description of the activities undertaken 
by the Facility during the previous fiscal year; 
‘‘(2) a description of any Agreement entered 
into under this part; 
‘‘(3) a report on any Funds that have been es-
tablished under this part and on the operations of 
such Funds; and 
‘‘(4) a description of any grants that have been 
provided by administering bodies pursuant to Agree-
ments under this part. 
‘‘(b) SUPPLEMENTAL VIEWS IN ANNUAL REPORT.—
Not later than December 15 of each year, each member
of the Board shall be entitled to receive a copy of the re-
port required under subsection (a). Each member of the 
Board may prepare and submit supplemental views to the 
President on the implementation of this part by December 
31 for inclusion in the annual report when it is trans-
mitted to Congress pursuant to this section.’’.
Æ