than twelve months after the date of the enactment
of this Act.
(d) AUTHORIZATION
OF APPROPRIATIONS.—There
are authorized to be appropriated such sums as may be
necessary to carry out this section.
SEC. 
7. 
UNITED 
STATES–SUB-SAHARAN 
AFRICA 
FREE
TRADE AREA.
(a) DECLARATION OF POLICY.—The Congress de-
clares that a United States-Sub-Saharan Africa Free
Trade Area should be established in order to serve as the
catalyst for increasing trade between the United States
and sub-Saharan Africa and increasing private sector de-
velopment in sub-Saharan Africa.
(b) PLAN REQUIREMENT.—
(1) IN GENERAL.—The President shall develop
a plan for the purpose of entering into one or more
trade agreements with sub-Saharan African coun-
tries eligible under section 4 in order to establish a
United States-Sub-Saharan Africa Free Trade Area
(hereafter in this section referred to as the ‘‘Free
Trade Area’’) by the year 2020.
(2) ELEMENTS OF PLAN.—The plan shall in-
clude the following:
(A) The specific objectives of the United
States with respect to the establishment of the
Free Trade Area.
(B) The benefits to both the United States
and sub-Saharan Africa with respect to the
Free Trade Area.
(C) A detailed timetable for establishing
the Free Trade Area.
(D) The role of regional and sub-regional
organizations in sub-Saharan Africa with re-
spect to the Free Trade Area.
(E) Subject matter anticipated to be cov-
ered by the agreement for establishing the Free
Trade Area and United States laws, programs,
and policies that may be affected by the agree-
ment.
(F) Proposals to ensure the following:
(i) Adequate consultation with the
Congress and the private sector during the
negotiation of the agreement for establish-
ing the Free Trade Area.
(ii) Consultation with the Congress re-
garding all matters relating to implementa-
tion of the agreement.
(iii) Approval by the Congress of the
agreement.
(c) REPORTING REQUIREMENT.—Not later than 12
months after the date of the enactment of this Act, the
President shall prepare and transmit to the Congress a
report containing the plan developed pursuant to sub-
section (b).
SEC. 8. ELIMINATING TRADE BARRIERS AND ENCOURAG-
ING EXPORTS.
(a) FINDINGS.—The Congress finds that—
(1) the lack of competitiveness of sub-Saharan
Africa in the global market, especially in the manu-
facturing sector, make it a limited threat to market
disruption and no threat to United States jobs; and
(2) annual textile and clothing exports to the
United States from sub-Saharan Africa represent
less than 1 percent (approximately $350,000,000) of
the $43,000,000,000 textile and clothing market in
the United States.
(b) SENSE OF THE CONGRESS.—It is the sense of
the Congress that—
(1) until textile and clothing exports to the
United States from sub-Saharan Africa reach much
higher levels the safeguard provisions of the Agree-
ment on Textiles and Clothing should not apply to
such textile and clothing exports; and
(2) pursuant to the Agreement on Textiles and
Clothing the United States should eliminate the ex-
isting quotas on textile and clothing exports to the
United States from Kenya and Mauritius.
(c) DEFINITION.—For purposes of this section, the
term ‘‘Agreement on Textiles and Clothing’’ means the
Agreement on Textiles and Clothing referred to in section
101(d)(4) of the Uruguay Round Agreements Act (19
U.S.C. 3511(d)(4)).
SEC. 9. SUPPORT FOR INITIATIVES OF EXECUTIVE BRANCH
IN TRADE AND DEVELOPMENT POLICY FOR
AFRICA.
The Congress supports and encourages implementa-
tion of the following initiatives included in the report of
the President on trade and development policy for the
countries of Africa that was submitted under section 134
of the Uruguay Round Agreements Act (19 U.S.C. 3554)
on February 5, 1996:
(1) The creation in the executive branch of a
permanent African Trade and Development Coordi-
nating Group, an interagency group to be chaired by
the National Security Council and the National Eco-
nomic Council.
(2) The creation of a permanent Working
Group on Africa within the Trade Promotion Coordi-
nating Committee of the Department of Commerce,
which will have primary responsibility for overseeing
the implementation of trade and investment policy
for sub-Saharan Africa, and for implementation of
this Act. The working group shall also be responsible
for providing information to and consulting with the
Congress with respect to this Act.
(3) Requesting the International Bank for Re-
construction and Development to provide technical
assistance to regional organizations and countries in
sub-Saharan Africa that are interested in developing
a ‘‘guide to investment regulatory procedures’’.
(4) Support by the United States, where appro-
priate, of participation by the International Bank for
Reconstruction and Development and the Inter-
national Finance Corporation in providing financing
for participation by countries in improving the
telecommunications infrastructure of sub-Saharan
Africa.
(5) Consideration by the Export-Import Bank
of the United States of making its programs avail-
able to support a project in sub-Saharan Africa that
extracts minerals for export even in a country that
does not meet the Bank’s criteria for credit worthi-
ness, if the project is in the private sector and if an
escrow account can be established to ensure the re-
payment of loans provided with the Bank’s support.
(6) The continued availability of the programs
of the Export-Import Bank of the United States to
support credit worthy infrastructure projects in sub-
Saharan Africa.
(7) Consideration by the Export-Import Bank
of the United States of making its programs avail-
able for infrastructure projects in sub-Saharan Afri-
ca that are carried out by the private sector in coun-
tries that may not meet the Bank’s criteria for cred-
it worthiness, if the projects are able to generate
hard currency for escrow accounts to ensure the re-
payment of loans provided with the Bank’s support.
(8) The reevaluation by the Trade and Develop-
ment Agency of the share of its budget allocated for
feasibility studies for infrastructure projects in sub-
Saharan Africa to determine if it is appropriate to
increase that share.
(9) The increased efforts by the Overseas Pri-
vate Investment Corporation to encourage United
States companies to invest in the countries of sub-
Saharan Africa.
(10) Efforts by United States embassies in the
countries of sub-Saharan Africa to encourage their
host governments to participate in the ongoing Ne-
gotiating Group on Basic Telecommunications of the
World Trade Organization in order to encourage the
removal of tariff and nontariff barriers, and to fos-
ter competition in, the telecommunications sector in
those countries.
(11) Technical assistance by the Department of
Energy to the countries of sub-Saharan Africa to as-
sist them in adopting policies that would facilitate
private investment in water and power generation.
(12) Amendments to the Agricultural Trade
Development and Assistance Act of 1954 to be pro-
posed by the Department of Agriculture to promote
more direct investment in and technology transfer to
the countries of sub-Saharan Africa.
SEC. 10. SUB-SAHARAN AFRICA ENTERPRISE FUNDS.
(a) PURPOSES.—
(1) IN GENERAL.—The purposes of this section
are to promote—
(A) the development of the private sector
in sub-Saharan Africa, including the develop-
ment of small- and medium-sized businesses,
the agricultural sector, privatization, and joint
ventures among sub-Saharan African businesses
and between such businesses and United States
businesses; and
(B) policies and practices conducive to the
development of the private sector in sub-Saha-
ran Africa through loans, grants, equity invest-
ments, feasibility studies, technical assistance,
insurance, loan guarantees, and other appro-
priate measures.
(2) ADDITIONAL PURPOSES.—In addition to the
purposes specified in paragraph (1)—
(A) the primary purpose of the Sub-Saha-
ran Africa Equity Enterprise Fund designated
under subsection (c)(1)(A) shall be to achieve
long-term capital appreciation through equity
investments in sub-Saharan Africa; and
(B) the primary purpose of the Sub-Saha-
ran Africa Infrastructure Enterprise Fund des-
ignated under subsection (c)(1)(A) shall be to
achieve long-term capital appreciation through
investing in financing for the expansion of busi-
nesses in sub-Saharan Africa, restructurings,
management buyouts and buyins, businesses
with local ownership, privatizations, and other
infrastructure projects in sub-Saharan Africa.
(b) AUTHORIZATION OF APPROPRIATIONS.—
(1) DIRECT LOANS AND LOAN GUARANTEES.—
There are authorized to be appropriated to carry out
this section for fiscal year 1997—
(A) $30,000,000 for the subsidy cost, as
defined in section 502(5) of the Federal Credit
Reform Act of 1990, of direct loans and loan
guarantees provided for the Sub-Saharan Africa
Equity Enterprise Fund; and
(B) $30,000,000 for the subsidy cost, as
defined in section 502(5) of the Federal Credit
Reform Act of 1990, of direct loans and loan
guarantees provided for the Sub-Saharan Africa
Infrastructure Enterprise Fund.
(2) ADMINISTRATIVE
EXPENSES.—There are
authorized to be appropriated $6,000,000 to the Ad-
ministrator of the Agency for International Develop-
ment for necessary administrative expenses to carry
out this section for fiscal year 1997.
(3) AVAILABILITY.—Amounts authorized to be
appropriated under this subsection are authorized to
remain available until expended.
(c) DESIGNATION
AND MANAGEMENT
OF ENTER-
PRISE FUNDS.—
(1) IN
GENERAL.—The Administrator of the
United States Agency for International Develop-
ment—
(A) shall, through an open competitive bid
process, enter into one or more agreements with
an investment management company to des-
ignate and manage two private, nonprofit orga-
nizations as eligible to receive funds and sup-
port pursuant to this section for the purposes
specified in subsection (a) (for purposes of this
section, the organizations so designated shall be
referred to as the Sub-Saharan Africa Equity
Enterprise Fund and the Sub-Saharan Africa
Infrastructure Enterprise Fund (hereinafter in
this section referred to as the ‘‘Enterprise
Funds’’)); and
(B) shall have overall responsibility for the
oversight and regulation of the investment man-
agement company and the Enterprise Funds.
(2) CONSULTATION WITH CONGRESS.—The Ad-
ministrator of the United States Agency for Inter-
national Development shall consult with the leader-
ship of the House of Representatives and the Senate
before entering into one or more contracts with an
investment management company pursuant to para-
graph (1).
(3) ADVISORY BOARD.—
(A) ESTABLISHMENT.—The Administrator
of the United States Agency for International
Development shall establish an advisory board
for the purpose of assisting the Administrator
in carrying out this section.
(B) MEMBERSHIP.—The advisory board
established pursuant to subparagraph (A) shall
be comprised of private citizens of the United
States who have extensive experience and exper-
tise in those areas of private sector financing
and development in sub-Saharan Africa in
which the Enterprise Funds are involved.
(d) DIRECT LOANS AND LOAN GUARANTEES FOR
ENTERPRISE FUNDS.—
(1) IN
GENERAL.—From funds appropriated
pursuant to subsection (b), the Administrator of the
United States Agency for International Development
shall provide direct loans to and issue loan guaran-
tees for each Enterprise Fund to enable the Enter-
prise Fund—
(A) to carry out the purposes specified in
subsection (a); and