§290m–5 Grants Out of Paid-in Capital Resources

Summary

The President must tell U.S. government members on the North American Development Bank’s board to oppose any plan that would use the Bank’s paid-in capital funds—except grants already allowed for the community adjustment and investment program under the Bank’s 1993 charter—if the grant goes to a project that is not partly financed by loans or would cover more than 50 percent of a project’s cost. The President may allow an exception if he finds unusual economic need and talks with the Senate Foreign Relations Committee and the House Financial Services Committee, or if the project is too small for a loan and the grant is $250,000 or less. All such small grants together cannot exceed $5,000,000.