22 U.S.C. § 262g–2: Establishment of…

Summary

Secretary of the Treasury must work with representatives of IBRD, IDA, the Asian Development Bank, the African Development Fund, and the African Development Bank (if the U.S. joins) to set rules requiring each to reserve a specified share of annual loans for needy people to fund productive, self‑sustaining projects in developing countries. Congress says projects like infrastructure, expanding productive capacity (including private business), and addressing social problems can meet these goals if well done. "Needy people" means those in "absolute" or "relative" poverty under IBRD/IDA standards.

Title 22, §262g–2

Foreign Relations and Intercourse, Source: USLM XML via OLRC

(a)Consultation with representatives of member countries

The Secretary of the Treasury shall consult with representatives of other member countries of the International Bank for Reconstruction and Development, the International Development Association, the Asian Development Bank, the African Development Fund, and the African Development Bank (if the United States becomes a member of that Bank), for the purpose of establishing guidelines within each of those institutions which specify that, in a manner consistent with the purposes and charters of those institutions, a specified proportion of the annual lending by each institution shall be designed to benefit needy people, primarily by financing sound, efficient, productive, self-sustaining projects designed to benefit needy people in developing countries, thus helping poor people improve their conditions of life.

(b)Congressional findings regarding implementation of objectives

The Congress finds that projects to construct basic infrastructure, to expand productive capacity (including private enterprise), and to address social problems can all meet the objectives of this section if they are designed and implemented properly. For the purposes of this title, “needy people” means those people living in “absolute” or “relative” poverty as determined under the standards employed by the International Bank for Reconstruction and Development and the International Development Association.

Notes & Related Subsidiaries

Editorial Notes

References in Text

This title, referred to in subsec. (b), is title XI (§§ 1101–1103) of Pub. L. 95–118, as added by Pub. L. 97–35, title XIII, § 1361(b), Aug. 13, 1981, 95 Stat. 745, which enacted section 262g–1 and 262g–2 of this title and enacted a provision set out as a note below. For complete classification of title XI to the Code, see Tables.

Statutory Notes and Related Subsidiaries

Effective Date

Section effective Aug. 13, 1981, see section 1372 of Pub. L. 97–35, set out as a note under section 290i of this title. Reports to Congress Pub. L. 95–118, title XI, § 1103, as added by Pub. L. 97–35, title XIII, § 1361(b), Aug. 13, 1981, 95 Stat. 746, required reports on the progress being made toward achieving the goals of this section, prior to repeal by Pub. L. 101–240, title V, § 541(d)(4), Dec. 19, 1989, 103 Stat. 2518.

§262g–2 Establishment of Guidelines for International Financial Institutions