H. R. 434—18
(3) Despite such efforts, the cumulative debt of many of
the world’s poorest countries continued to grow beyond their
capacity to repay.
(4) In 1997, the Group of Seven, the World Bank, and
the International Monetary Fund adopted the Heavily Indebted
Poor Countries Initiative (HIPC), a commitment by the inter-
national community that all multilateral and bilateral creditors,
acting in a coordinated and concerted fashion, would reduce
poor country debt to a sustainable level.
(5) The HIPC Initiative is currently undergoing reforms
to address concerns raised about country conditionality, the
amount of debt forgiven, and the allocation of savings realized
through the debt forgiveness program to ensure that the Initia-
tive accomplishes the goals of economic growth and poverty
alleviation in the world’s poorest countries.
(b) SENSE OF THE CONGRESS.—It is the sense of the Congress
that—
(1) Congress and the President should work together, with-
out undue delay and in concert with the international commu-
nity, to make comprehensive debt relief available to the world’s
poorest countries in a manner that promotes economic growth
and poverty alleviation;
(2) this program of bilateral and multilateral debt relief
should be designed to strengthen and expand the private sector,
encourage increased trade and investment, support the develop-
ment of free markets, and promote broad-scale economic growth
in beneficiary countries;
(3) this program of debt relief should also support the
adoption of policies to alleviate poverty and to ensure that
benefits are shared widely among the population, such as
through initiatives to advance education, improve health, com-
bat AIDS, and promote clean water and environmental protec-
tion;
(4) these debt relief agreements should be designed and
implemented in a transparent manner and with the broad
participation of the citizenry of the debtor country and should
ensure that country circumstances are adequately taken into
account;
(5) no country should receive the benefits of debt relief
if that country does not cooperate with the United States on
terrorism or narcotics enforcement, is a gross violator of the
human rights of its citizens, or is engaged in conflict or spends
excessively on its military; and
(6) in order to prevent adverse impact on a key industry
in many developing countries, the International Monetary Fund
must mobilize its own resources for providing debt relief to
eligible countries without allowing gold to reach the open
market, or otherwise adversely affecting the market price of
gold.
SEC. 122. EXECUTIVE BRANCH INITIATIVES.
(a) STATEMENT OF THE CONGRESS.—The Congress recognizes
that the stated policy of the executive branch in 1997, the ‘‘Partner-
ship for Growth and Opportunity in Africa’’ initiative, is a step
toward the establishment of a comprehensive trade and develop-
ment policy for sub-Saharan Africa. It is the sense of the Congress
H. R. 434—19
that this Partnership is a companion to the policy goals set forth
in this title.
(b) TECHNICAL ASSISTANCE TO PROMOTE ECONOMIC REFORMS
AND DEVELOPMENT.—In addition to continuing bilateral and multi-
lateral economic and development assistance, the President shall
target technical assistance toward—
(1) developing relationships between United States firms
and firms in sub-Saharan Africa through a variety of business
associations and networks;
(2) providing assistance to the governments of sub-Saharan
African countries to—
(A) liberalize trade and promote exports;
(B) bring their legal regimes into compliance with the
standards of the World Trade Organization in conjunction
with membership in that Organization;
(C) make financial and fiscal reforms; and
(D) promote greater agribusiness linkages;
(3) addressing such critical agricultural policy issues as
market liberalization, agricultural export development, and
agribusiness investment in processing and transporting agricul-
tural commodities;
(4) increasing the number of reverse trade missions to
growth-oriented countries in sub-Saharan Africa;
(5) increasing trade in services; and
(6) encouraging greater sub-Saharan African participation
in future negotiations in the World Trade Organization on
services and making further commitments in their schedules
to the General Agreement on Trade in Services in order to
encourage the removal of tariff and nontariff barriers.
SEC. 123. OVERSEAS PRIVATE INVESTMENT CORPORATION INITIA-
TIVES.
(a) INITIATION
OF FUNDS.—It is the sense of the Congress
that the Overseas Private Investment Corporation should exercise
the authorities it has to initiate an equity fund or equity funds
in support of projects in the countries in sub-Saharan Africa, in
addition to the existing equity fund for sub-Saharan Africa created
by the Corporation.
(b) STRUCTURE AND TYPES OF FUNDS.—
(1) STRUCTURE.—Each fund initiated under subsection (a)
should be structured as a partnership managed by professional
private sector fund managers and monitored on a continuing
basis by the Corporation.
(2) CAPITALIZATION.—Each fund should be capitalized with
a combination of private equity capital, which is not guaranteed
by the Corporation, and debt for which the Corporation provides
guaranties.
(3) INFRASTRUCTURE
FUND.—One or more of the funds,
with combined assets of up to $500,000,000, should be used
in support of infrastructure projects in countries of sub-Saharan
Africa.
(4) EMPHASIS.—The Corporation shall ensure that the funds
are used to provide support in particular to women entre-
preneurs and to innovative investments that expand opportuni-
ties for women and maximize employment opportunities for
poor individuals.
(c) OVERSEAS PRIVATE INVESTMENT CORPORATION.—
H. R. 434—20
(1) INVESTMENT
ADVISORY
COUNCIL.—Section 233 of the
Foreign Assistance Act of 1961 is amended by adding at the
end the following:
‘‘(e) INVESTMENT ADVISORY COUNCIL.—The Board shall take
prompt measures to increase the loan, guarantee, and insurance
programs, and financial commitments, of the Corporation in sub-
Saharan Africa, including through the use of an investment advisory
council to assist the Board in developing and implementing policies,
programs, and financial instruments with respect to sub-Saharan
Africa. In addition, the investment advisory council shall make
recommendations to the Board on how the Corporation can facilitate
greater support by the United States for trade and investment
with and in sub-Saharan Africa. The investment advisory council
shall terminate 4 years after the date of the enactment of this
subsection.’’.
(2) REPORTS
TO
CONGRESS.—Within 6 months after the
date of the enactment of this Act, and annually for each of
the 4 years thereafter, the Board of Directors of the Overseas
Private Investment Corporation shall submit to Congress a
report on the steps that the Board has taken to implement
section 233(e) of the Foreign Assistance Act of 1961 (as added
by paragraph (1)) and any recommendations of the investment
advisory council established pursuant to such section.
SEC. 124. EXPORT-IMPORT BANK INITIATIVES.
(a) SENSE OF THE CONGRESS.—It is the sense of the Congress
that the Board of Directors of the Bank shall continue to take
comprehensive measures, consistent with the credit standards
otherwise required by law, to promote the expansion of the Bank’s
financial commitments in sub-Saharan Africa under the loan, guar-
antee and insurance programs of the Bank.
(b) SUB-SAHARAN AFRICA ADVISORY COMMITTEE.—The sub-
Saharan Africa Advisory Committee (SAAC) is to be commended
for aiding the Bank in advancing the economic partnership between
the United States and the nations of sub-Saharan Africa by doubling
the number of sub-Saharan African countries in which the Bank
is open for traditional financing and by increasing by tenfold the
Bank’s support for sales to sub-Saharan Africa from fiscal year
1998 to fiscal year 1999. The Board of Directors of the Bank
and its staff shall continue to review carefully the sub-Saharan
Africa Advisory Committee recommendations on the development
and implementation of new and innovative policies and programs
designed to promote the Bank’s expansion in sub-Saharan Africa.
SEC. 125. EXPANSION OF THE UNITED STATES AND FOREIGN COMMER-
CIAL SERVICE IN SUB-SAHARAN AFRICA.
(a) FINDINGS.—The Congress makes the following findings:
(1) The United States and Foreign Commercial Service
(hereafter in this section referred to as the ‘‘Commercial
Service’’) plays an important role in helping United States
businesses identify export opportunities and develop reliable
sources of information on commercial prospects in foreign coun-
tries.
(2) During the 1980s, the presence of the Commercial
Service in sub-Saharan Africa consisted of 14 professionals
providing services in eight countries. By early 1997, that pres-
ence had been reduced by half to seven professionals in only
four countries.
H. R. 434—21
(3) Since 1997, the Department of Commerce has slowly
begun to increase the presence of the Commercial Service in
sub-Saharan Africa, adding five full-time officers to established
posts.
(4) Although the Commercial Service Officers in these coun-
tries have regional responsibilities, this kind of coverage does
not adequately service the needs of United States businesses
attempting to do business in sub-Saharan Africa.
(5) The Congress has, on several occasions, encouraged
the Commercial Service to focus its resources and efforts in
countries or regions in Europe or Asia to promote greater
United States export activity in those markets, and similar
encouragement should be provided for countries in sub-Saharan
Africa as well.
(6) Because market information is not widely available
in many sub-Saharan African countries, the presence of addi-
tional Commercial Service Officers and resources can play a
significant role in assisting United States businesses in markets
in those countries.
(b) APPOINTMENTS.—Subject to the availability of appropria-
tions, by not later than December 31, 2001, the Secretary of Com-
merce, acting through the Assistant Secretary of Commerce and
Director General of the United States and Foreign Commercial
Service, shall take steps to ensure that—
(1) at least 20 full-time Commercial Service employees
are stationed in sub-Saharan Africa; and
(2) full-time Commercial Service employees are stationed
in not less than 10 different sub-Saharan African countries.
(c) INITIATIVE FOR SUB-SAHARAN AFRICA.—In order to encourage
the export of United States goods and services to sub-Saharan
African countries, the International Trade Administration shall
make a special effort to—
(1) identify United States goods and services which are
the best prospects for export by United States companies to
sub-Saharan Africa;
(2) identify, where appropriate, tariff and nontariff barriers
that are preventing or hindering sales of United States goods
and services to, or the operation of United States companies
in, sub-Saharan Africa;
(3) hold discussions with appropriate authorities in sub-
Saharan Africa on the matters described in paragraphs (1)
and (2) with a view to securing increased market access for
United States exporters of goods and services;
(4) identify current resource allocations and personnel
levels in sub-Saharan Africa for the Commercial Service and
consider plans for the deployment of additional resources or
personnel to that region; and
(5) make available to the public, through printed and elec-
tronic means of communication, the information derived pursu-
ant to paragraphs (1) through (4) for each of the 4 years
after the date of the enactment of this Act.
SEC. 126. DONATION OF AIR TRAFFIC CONTROL EQUIPMENT TO
ELIGIBLE SUB-SAHARAN AFRICAN COUNTRIES.
It is the sense of the Congress that, to the extent appropriate,
the United States Government should make every effort to donate
to governments of sub-Saharan African countries determined to