(B) subject to paragraph (2)(B), to pro-
vide for the administrative expenses of the En-
terprise Fund.
(2) ADDITIONAL REQUIREMENTS.—The follow-
ing additional requirements shall apply to loan guar-
antees under paragraph (1):
(A) The total principal amount of loan
guarantees which may be issued under para-
graph (1) shall not exceed $100,000,000.
(B) An Enterprise Fund—
(i) may not use more than 3 percent
of the amount of any loan guaranteed
under paragraph (1) for administrative ex-
penses of the Enterprise Fund; and
(ii) may not use more than 3 percent
of the amount of any loan guaranteed
under paragraph (1) for technical assist-
ance and training activities.
(e) ELIGIBLE PROGRAMS AND PROJECTS.—
(1) IN GENERAL.—An Enterprise Fund shall
use the proceeds of any direct loan or loan guaran-
tee under subsection (d) to provide assistance pursu-
ant to this section only for programs and projects
that are consistent with the purposes specified in
subsection (a).
(2) SPECIFIC PROGRAMS AND PROJECTS.—An
Enterprise Fund may, in accordance with paragraph
(1), provide for the following programs and projects:
(A) The establishment of Employee Stock
Ownership Plans (ESOPs) in sub-Saharan Afri-
ca.
(B) The development of indigenous credit
unions in sub-Saharan Africa in accordance
with the same terms and conditions applicable
to the development of indigenous credit unions
in Poland and Hungary under section 201(f)(3)
of the Support for East European Democracy
(SEED) Act of 1989 (22 U.S.C. 5421(f)(3)).
(C) The establishment of mutual funds for
the purpose of encouraging citizens of sub-Sa-
haran African countries to save and invest.
(f) ANNUAL REPORTS.—Not later than January 31,
1998, and January 31 each subsequent year, each Enter-
prise Fund shall publish an annual report that includes
a comprehensive and detailed description of the oper-
ations, activities, financial condition, and accomplishments
of the Enterprise Fund under this section for the preced-
ing fiscal year.
(g) ADDITIONAL TERMS AND CONDITIONS.—The fol-
lowing additional terms and conditions shall apply to the
Enterprise Funds in the same manner as such terms and
conditions apply to the Polish-American Enterprise Fund
and the Hungarian-American Enterprise Fund designated
under section 201 of the Support for East European De-
mocracy (SEED) Act of 1989 (22 U.S.C. 5421):
(1) The provision relating to nonapplicability of
other laws under section 201(c) of such Act.
(2) The provision relating to the private char-
acter of the Enterprise Funds under section
201(d)(5) of such Act.
(3) The provision relating to matters to be con-
sidered by the Enterprise Funds under section
201(g) of such Act.
(4) The provision relating to retention of inter-
est under section 201(h) of such Act.
(5) The provision relating to the use of United
States private venture capital under section 201(i)
of such Act, except that, in addition to the methods
for raising venture capital under such section, the
Enterprise Fund may also raise venture capital from
pension funds from appropriate international organi-
zations, including international financial institutions
such as the African Development Bank.
(6) The provision relating to financial instru-
ments for individual investment under section 201(j)
of such Act.
(7) The provision relating to nonapplicability of
other laws under section 201(k) of such Act.
(8) The provision relating to limitation on pay-
ments to Enterprise Fund personnel under section
201(l) of such Act.
(9) The provision relating to independent pri-
vate audits under section 201(m) of such Act.
(10) The provision relating to audits by the
General Accounting Office under section 201(n) of
such Act.
(11) The provision relating to recordkeeping
under section 201(o) of such Act.
SEC. 11. EXPORT-IMPORT BANK INITIATIVE.
(a) BOARD OF DIRECTORS TO INCLUDE MEMBER
WITH EXTENSIVE PRIVATE SECTOR EXPERIENCE
IN
SUB-SAHARAN AFRICA.—Section 3(c)(8)(B) of the Ex-
port-Import Bank Act of 1945 (12 U.S.C. 635a(c)(8)(B))
is amended by inserting ‘‘, and one such member shall be
selected from among persons who have extensive private
sector experience in sub-Saharan Africa’’ before the pe-
riod.
(b) ADVISORY BOARD TO ASSIST BOARD OF DIREC-
TORS IN FACILITATING ASSISTANCE TO AND INVESTMENT
IN SUB-SAHARAN AFRICA.—
(1) IN GENERAL.—Section 3 of such Act (12
U.S.C. 635a) is amended by adding at the end the
following:
‘‘(f) The Board of Directors shall take prompt meas-
ures to increase the loan, guarantee, and insurance pro-
grams, and financial commitments, of the Bank in sub-
Saharan Africa, including through the establishment and
use of an advisory committee to assist the Board of Direc-
tors in developing and implementing policies, programs,
and financial instruments designed to support the expan-
sion of, and increase in, the provision of loans, guarantees,
and insurance with respect to sub-Saharan Africa. In ad-
dition, the advisory board shall make recommendations to
the Board of Directors on how the Bank can facilitate
greater support by United States commercial banks for
trade and investment with and in sub-Saharan Africa.’’.
(2) REPORTS
TO
THE
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 shall submit to the Congress a
report on the steps that the Board has taken to im-
plement section 3(f) of the Export-Import Bank Act
of 1945 and any recommendations of the advisory
board established pursuant to such section.
SEC. 12. ESTABLISHMENT OF ASSISTANT UNITED STATES
TRADE REPRESENTATIVE FOR SUB-SAHARAN
AFRICA.
It is the sense of the Congress that—
(1) the President should establish a position of
Assistant United States Trade Representative within
the Office of the United States Trade Representative
to focus on trade issues relating to sub-Saharan Af-
rica; and
(2) such Assistant United States Trade Rep-
resentative should have adequate funding and staff
to carry out the duties described in paragraph (1).
SEC. 13. REPORTING REQUIREMENT.
The President shall submit to the Congress, not later
than 1 year after the date of the enactment of this Act,
and not later than the end of each of the next four 1-
year periods thereafter, a report on the implementation
of this Act.
Æ