§262p–4d Initiation of Discussions to Facilitate Financing of Human Welfare and Natural Resource Programs in Sub-saharan Africa in Connection with Debt Reduction and Conversion

Summary

Requires the Treasury Secretary to tell the U.S. Executive Director at the African Development Bank and African Development Fund to begin talks with those banks’ directors. The goal is to ask that those banks, working with the International Bank for Reconstruction and Development, the International Development Association, and the International Finance Corporation, give advice and help to creditors and to sub-Saharan governments that want to use local currency from debt reduction or conversion to fund projects for education, health, agriculture, and protecting or restoring natural resources. That advice and help would be a condition of reducing or converting sovereign debt. Congress finds that heavy debt in sub-Saharan countries makes it hard to pay for charitable, educational, and scientific programs and says such financing should be eased, as encouraged in the final communique of the June 1988 economic summit in Toronto, Canada, through things like concessional interest rates, longer repayment periods, or partial or complete write-offs.