§283z–5 Capital Increase; Increase in Resources of Fund for Special Operations

Summary

Allows the United States Governor at the Bank to vote for resolutions sent on April 19, 1989, and now before the Bank's Board, that would raise the Bank’s authorized capital and increase the Fund for Special Operations. If Congress provides the money in advance, the United States may buy 760,112 new shares and give $82,304,000 to that Fund. The Treasury can pay up to $9,169,559,712 for the U.S. shares and $82,304,000 for the Fund. Payments cannot be made unless the Bank has set up an environmental unit, added staff with environmental duties and training, finances more environmentally helpful projects, and allows indigenous non-governmental groups to participate in project design. The Treasury must also tell Congress, after talking with the U.S. Executive Director, that the Bank gave the U.S. Comptroller General access to the Auditor General’s November 1987 audit memo about Nicaragua, is using the 1988 loan-collection procedures that meet the Auditor General’s recommendations, and lets the Comptroller General see Bank documents on the same terms as the U.S. Executive Director.