§2213 United States Microfinance Loan Facility

Summary

Creates a United States Microfinance Loan Facility to pool and manage risks to U.S.-supported financial intermediaries from natural disasters, war or civil conflict, national financial crises, or short-term financial movements that threaten their long-term development. The Administrator may make loans or loan guarantees from the Facility to stop such intermediaries from going bankrupt, but only for institutions that can resume self-support within a reasonable time. For any single event, the principal amount of loans made or guaranteed in a fiscal year may not exceed $30,000,000. Guarantees are backed by the full faith and credit of the United States, and no guarantee payment can be made for losses caused by fraud or misrepresentation by the claimant. For fiscal years 2005 through 2009, money from the Facility cannot be used until 15 days after certain congressional committees are notified under reprogramming rules. The Administrator should apply the usual development-assistance policies where appropriate. A law identified as section 2370(q) (or a similar law) must not be read to block assistance if a private recipient is in the specific default described there, and assistance may be provided without regard to section 2354(a). Funds needed for subsidy costs (as defined in section 661a(5)) and administrative costs may be taken from amounts available for subchapter I in those years and are in addition to other available funds.