Sec. 113. Loan authority for Ukraine
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It is the sense of Congress that— as appropriate, the United States Government should provide direct loans to Ukraine for the procurement of defense articles, defense services, and design and construction services pursuant to the authority of section 23 of the Arms Export Control Act ( 22 U.S.C. 2763 ) to support the further development of Ukraine’s military forces; and such loans should be considered an additive security assistance tool and not a substitute for Foreign Military Financing for grant assistance or Ukraine Security Assistance Initiative programming.
For fiscal year 2022 and 2023, the President, acting through the Secretary of State, is authorized— to make direct loans under section 23 of the Arms Export Control Act ( 22 U.S.C. 2763 ) to Ukraine, notwithstanding the minimum interest rate required by subsection (c)(1) of such section; and to charge fees for such loans under paragraph (1), which shall be collected from borrowers in accordance with section 502(7) of the Congressional Budget Act of 1974 ( 2 U.S.C. 661a(7) ), and which may be used to cover the costs of such loans as defined in section 502 of the Congressional Budget Act of 1974.
Not fewer than 15 days before entering into an agreement to make a loan described in subsection (b), the Secretary of State shall submit to the appropriate congressional committees a certification— certifying that the loan will aid Ukraine in bolstering its defensive capabilities; and describing the specific intended purpose and use of the loan. A loan made under the authority provided by subsection
(b)shall be repaid in not more than 12 years, but may include a grace period of up to 1 year on the repayment of the principal.
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