§1738f Environmental framework agreements

Summary

The President can make an environmental framework agreement with any country that is eligible for the Facility. The President must talk with the Board before making the agreement. The agreement must make the country set up an Environmental Fund, put the required interest payments into it, quickly send money from the Fund to the local managing body, try to keep the local money worth the same in U.S. dollars when useful, say what the Fund can be used for under the law, and include ways to enforce the agreement. The money from the Fund must be run by a body set up under the country’s laws. That body must include one or more U.S. appointees, one or more country appointees, and people from a wide range of local environmental and community groups. It must take grant applications and give grants based on agreed priorities, run and watch over the program, have an independent financial audit every year, send its yearly program to the Board for review, give an annual report to the Board chair and the country’s government, and allow the United States and the country to veto any grant over $100,000.