§290m–5 — Title 22 Foreign Relations and Intercourse | U.S. Code

Summary

The President must tell U.S. government members on the North American Development Bank board to oppose any plan that would use the Bank’s paid-in capital to give grants—except grants already allowed for the community adjustment and investment program under the Bank’s 1993 charter—when the grant would be for a project that is not partly paid for by loans or would cover more than 50 percent of a project’s cost. The President can allow such grants in two cases. One is if he finds exceptional economic circumstances and talks with the Senate Committee on Foreign Relations and the House Committee on Financial Services. The other is for very small projects where getting a loan is impractical and the grant is $250,000 or less. All grants under these exceptions cannot add up to more than $5,000,000.

Title 22, §290m–5

Foreign Relations and Intercourse — Source: USLM XML via OLRC

(a)The President shall instruct the United States Federal Government representatives on the Board of Directors of the North American Development Bank to oppose any proposal where grants out of the Bank’s paid-in capital resources, except for grants from paid-in capital authorized for the community adjustment and investment program under the Bank’s charter of 1993, would—

(1)be made to a project that is not being financed, in part, by loans; or

(2)account for more than 50 percent of the financing of any individual project.

(b)(1)The requirements of subsection (a) shall not apply in cases where—

(A)the President determines there are exceptional economic circumstances for making the grant and consults with the Committee on Foreign Relations of the Senate and the Committee on Financial Services of the House of Representatives; or

(B)(i)the grant is being made for a project that is so small that obtaining a loan is impractical; and

(ii)the grant does not exceed $250,000.

(2)Not more than an aggregate of $5,000,000 in grants may be made under this subsection.

Notes & Related Subsidiaries

Editorial Notes

Amendments

2020—Pub. L. 116–260, § 601(a)(1), (2), provided that section 601 of Pub. L. 116–113 does not apply to this section and revived the provisions of this section as if such section 601 had not been enacted. See below. Pub. L. 116–113, § 601, which repealed this section effective on the date the USMCA entered into force (July 1, 2020), was made inapplicable to this section by section 601(a)(1), (2) of Pub. L. 116–260.

Statutory Notes and Related Subsidiaries

Effective Date

of 2020 AmendmentAmendment by Pub. L. 116–260 effective July 1, 2020, see section 601(h) of div. O of Pub. L. 116–260, set out as a note under section 81c of Title 19, Customs Duties.

§290m–5 Grants out of paid-in capital resources