§3733 — Title 19 Customs Duties | U.S. Code

Summary

Congress asks the Overseas Private Investment Corporation to use its powers to start one or more equity funds to support projects in sub‑Saharan Africa, in addition to the fund it already has for that region. Each fund must be run as a partnership by private fund managers and watched over by the Corporation. The money should come from private equity that the Corporation does not guarantee and from debt that the Corporation does guarantee. One or more funds may be used for infrastructure and together can have up to $500,000,000 in assets. The Corporation must make sure the funds especially help women entrepreneurs and back new investments that expand opportunities for women and increase jobs for poor people. The Corporation’s Board of Directors must send Congress a report within 6 months after May 18, 2000, and then once each year for the next 4 years. The report must describe steps taken to carry out section 2193(e) of title 22 and include any recommendations from the investment advisory council set up under that section.

Title 19, §3733

Customs Duties — Source: USLM XML via OLRC

(a)It is the sense of the Congress that the Overseas Private Investment Corporation 11 See Transfer of Functions note below. 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 existing equity fund for sub-Saharan Africa created by the Corporation.

(b)(1)Each fund initiated under subsection (a) should be structured as a partnership managed by professional private sector fund managers and monitored on a continuing basis by the Corporation.

(2)Each fund should be capitalized with a combination of private equity capital, which is not guaranteed by the Corporation, and debt for which the Corporation provides guaranties.

(3)One or more of the funds, with combined assets of up to $500,000,000, should be used in support of infrastructure projects in countries of sub-Saharan Africa.

(4)The Corporation shall ensure that the funds are used to provide support in particular to women entrepreneurs and to innovative investments that expand opportunities for women and maximize employment opportunities for poor individuals.

(c)(1)

(2)Within 6 months after May 18, 2000, and annually for each of the 4 years thereafter, the Board of Directors of the Overseas Private Investment Corporation 1 shall submit to Congress a report on the steps that the Board has taken to implement section 2193(e) 22 See References in Text note below. of title 22 and any recommendations of the investment advisory council established pursuant to such section.

Notes & Related Subsidiaries

Editorial Notes

References in Text

section 2193(e) of title 22, referred to in subsec. (c)(2), was repealed by Pub. L. 115–254, div. F, title VI, § 1464(2), Oct. 5, 2018, 132 Stat. 3513. Codification Section is comprised of section 123 of Pub. L. 106–200. Subsec. (c)(1) of section 123 of Pub. L. 106–200 amended section 2193 of Title 22, Foreign Relations and Intercourse.

Statutory Notes and Related Subsidiaries

Transfer of Functions

For

Transfer of Functions

, personnel, assets, and liabilities of the Overseas Private Investment Corporation to the United States International Development Finance Corporation and treatment of related references, see section 9683 and 9686(d) of Title 22, Foreign Relations and Intercourse.

§3733 Overseas Private Investment Corporation Initiatives

Summary

Title 19, §3733

Notes & Related Subsidiaries

Editorial Notes

References in Text

Statutory Notes and Related Subsidiaries

Transfer of Functions

Transfer of Functions

Citations & Metadata