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

Summary

The United States may vote to approve an increase in the Bank’s authorized capital and an increase in the Fund for Special Operations. If Congress provides the money and the resolutions are adopted, the U.S. may agree to buy 760,112 shares of the new capital and to contribute $82,304,000 to the Fund. Congress is authorized to appropriate up to $9,169,559,712 to pay for the U.S. capital subscription and $82,304,000 for the Fund contribution. The Treasury Secretary cannot make those payments until the Bank has made four organizational changes: set up an environmental unit, added more staff with environmental duties and training, funded more environmentally beneficial projects, and created a way for indigenous non-governmental organizations to take part in project design. The Secretary must also tell Congress, after consulting the U.S. Executive Director at the Bank, that the Comptroller General has access to the Auditor General’s November 1987 audit memo about Nicaragua, that the Bank is using the revised 1988 procedures for collecting overdue loan payments, that those procedures meet the Auditor General’s recommendations, and that the Comptroller General can see Bank documents on the same terms as the U.S. Executive Director.