(1) Strengthening and expanding the private
sector, especially among women-owned businesses.
(2) Reducing tariffs, nontariff barriers, and
other trade obstacles, and increasing economic inte-
gration.
(3) Supporting countries committed to account-
able government, economic reform, the eradication of
poverty, and the building of civil societies.
(4) Supporting deep debt reduction at the ear-
liest possible date with the greatest amount of relief
for eligible poorest countries under the ‘‘Heavily In-
debted Poor Countries’’ (HIPC) debt initiative.
(b) SENSE OF CONGRESS.—It is the sense of the
Congress that relief provided to countries in sub-Saharan
Africa which qualify for the Heavily Indebted Poor Coun-
tries debt initiative should primarily be made through
grants rather than through extended-term debt, and that
interim relief or interim financing should be provided for
eligible countries that establish a strong record of macro-
economic reform.
SEC. 10. EXECUTIVE BRANCH INITIATIVES.
(a) STATEMENT OF CONGRESS.—The Congress rec-
ognizes that the stated policy of the executive branch in
1997, the ‘‘Partnership for Growth and Opportunity in
Africa’’ initiative, is a step toward the establishment of
a comprehensive trade and development policy for sub-Sa-
haran Africa. It is the sense of the Congress that this
Partnership is a companion to the policy goals set forth
in this Act.
(b) TECHNICAL ASSISTANCE TO PROMOTE ECO-
NOMIC REFORMS AND DEVELOPMENT.—In addition to
continuing bilateral and multilateral economic and devel-
opment assistance, the President shall target technical as-
sistance toward—
(1) developing relationships between United
States firms and firms in sub-Saharan Africa
through a variety of business associations and net-
works;
(2) providing assistance to the governments of
sub-Saharan African countries to—
(A) liberalize trade and promote exports;
(B) bring their legal regimes into compli-
ance with the standards of the World Trade Or-
ganization 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 proc-
essing and transporting agricultural commodities;
(4) increasing the number of reverse trade mis-
sions to growth-oriented countries in sub-Saharan
Africa;
(5) increasing trade in services; and
(6) encouraging greater sub-Saharan participa-
tion in future negotiations in the World Trade Orga-
nization on services and making further commit-
ments in their schedules to the General Agreement
on Trade in Services in order to encourage the re-
moval of tariff and nontariff barriers.
SEC. 11. SUB-SAHARAN AFRICA INFRASTRUCTURE FUND.
(a) INITIATION OF FUNDS.—It is the sense of the
Congress that the Overseas Private Investment Corpora-
tion 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 exist-
ing equity fund for sub-Saharan Africa created by the Cor-
poration.
(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 man-
agers and monitored on a continuing basis by the
Corporation.
(2) CAPITALIZATION.—Each fund should be
capitalized with a combination of private equity cap-
ital, which is not guaranteed by the Corporation,
and debt for which the Corporation provides guaran-
ties.
(3) INFRASTRUCTURE FUND.—One or more of
the 
funds, 
with 
combined 
assets 
of 
up 
to
$500,000,000, should be used in support of infra-
structure projects in countries of sub-Saharan Afri-
ca.
(4) EMPHASIS.—The Corporation shall ensure
that the funds are used to provide support in par-
ticular to women entrepreneurs and to innovative in-
vestments that expand opportunities for women and
maximize employment opportunities for poor individ-
uals.
SEC. 12. OVERSEAS PRIVATE INVESTMENT CORPORATION
AND EXPORT-IMPORT BANK INITIATIVES.
(a) OVERSEAS
PRIVATE
INVESTMENT
CORPORA-
TION.—
(1) ADVISORY COMMITTEE.—Section 233 of the
Foreign Assistance Act of 1961 is amended by add-
ing at the end the following:
‘‘(e) ADVISORY COMMITTEE.—The Board shall take
prompt measures to increase the loan, guarantee, and in-
surance programs, and financial commitments, of the Cor-
poration in sub-Saharan Africa, including through the use
of an advisory committee to assist the Board in developing
and implementing policies, programs, and financial instru-
ments with respect to sub-Saharan Africa. In addition, the
advisory committee shall make recommendations to the
Board on how the Corporation can facilitate greater sup-
port by the United States for trade and investment with
and in sub-Saharan Africa. The advisory committee shall
terminate 4 years after the date of the enactment of this
subsection.’’.
(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 of the Overseas Private Invest-
ment Corporation shall submit to the Congress a re-
port on the steps that the Board has taken to imple-
ment section 233(e) of the Foreign Assistance Act
of 1961 (as added by paragraph (1)) and any rec-
ommendations of the advisory board established pur-
suant to such section.
(b) EXPORT-IMPORT BANK.—
(1) ADVISORY COMMITTEE FOR SUB-SAHARAN
AFRICA.—Section 2(b) of the Export-Import Bank
Act of 1945 (12 U.S.C. 635(b)) is amended by in-
serting after paragraph (12) the following:
‘‘(13)(A) The Board of Directors of the Bank shall
take prompt measures, consistent with the credit stand-
ards otherwise required by law, to promote the expansion
of the Bank’s financial commitments in sub-Saharan Afri-
ca under the loan, guarantee, and insurance programs of
the Bank.
‘‘(B)(i) The Board of Directors shall establish and
use an advisory committee to advise the Board of Direc-
tors on the development and implementation of policies
and programs designed to support the expansion described
in subparagraph (A).
‘‘(ii) The advisory committee shall make rec-
ommendations to the Board of Directors on how the Bank
can facilitate greater support by United States commercial
banks for trade with sub-Saharan Africa.
‘‘(iii) The advisory committee shall terminate 4 years
after the date of the enactment of this subparagraph.’’.
(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 of the Export-Import Bank of