§1738f Environmental Framework Agreements

Summary

The President may make an environmental framework agreement with each country that can get money from the Facility to run an Enterprise for the Americas Environmental Fund (set up under section 1738g). The President must talk with the Board in section 1738i before signing. The agreement must make the country set up the Fund, put interest payments required by section 1738g(a) into the Fund, quickly pay out Fund money to the local administering body, try to keep the Fund’s local currency value stable in U.S. dollars, state the Fund’s allowed uses as described in section 1738k, and include reasonable enforcement rules. Fund money must be managed by an organization formed under the country’s laws. That organization must include one or more representatives named by the President, one or more named by the country, and representatives from a broad range of environmental and local community NGOs. It must take local grant proposals and give grants based on agreed priorities, run and oversee the grant program, have an independent fiscal audit every year, send its annual program to the Board for review, send an annual report to the Board chair and the country’s government, and allow the U.S. and the country to veto any grant over $100,000.