§283z–5 Capital increase; increase in resources of Fund for Special Operations

Summary

Allows the U.S. Governor at the Bank to vote for resolutions sent on April 19, 1989 and now before the Bank’s Board of Governors that would raise the Bank’s authorized capital and increase the Fund for Special Operations. If Congress provides the money in advance, the U.S. may subscribe to 760,112 new shares and give $82,304,000 to that Fund. Congress also authorizes up to $9,169,559,712 to pay for the U.S. share purchase and $82,304,000 to pay the Fund contribution. The Secretary of the Treasury must not make any payment unless the Bank has an environmental unit, more staff with environmental training, more environmentally helpful projects, and a process letting indigenous NGOs take part in project design. The Secretary must also certify to Congress, after talking with the U.S. Executive Director, that the Comptroller General got access to the November 1987 Nicaragua audit memo, that the Bank put in place and is using the 1988 loan-collection procedures which meet the Auditor General’s recommendations, and that the Comptroller General can see Bank documents on the same terms as the U.S. Executive Director.