Sec. 234. 10th general capital increase for the Inter-American Development Bank
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It is the sense of Congress that— the spread of SARS–CoV–2, the virus that causes COVID–19, has had a significant impact on economic, social, and humanitarian conditions throughout Latin America and the Caribbean; the Inter-American Development Bank is the preeminent multilateral development bank dedicated to regional economic and social development and the betterment of lives across Latin America and the Caribbean; the Bank has played an integral role in supporting member countries with the coordination and implementation of policies to mitigate the effects of the COVID–19 pandemic, the Venezuelan refugee and migration crisis, and other crises in the Western Hemisphere; a capital increase for the Bank would greatly increase its capacity to provide financing, institutional knowledge, and technical support to foster recovery and inclusion initiatives between regional governments, private sector entities, and international organizations; and the United States, as a founding member of the Bank, should support a capital stock increase to ensure the Bank is prepared to offer additional support to member countries severely impacted by the COVID–19 pandemic and other crises.
The President shall take steps to support a tenth general capital increase for the Inter-American Development Bank. The President shall advance diplomatic engagement to build support among member countries of the Bank for a tenth general capital increase for the Bank in order to strengthen the capacity of the Bank— to support Latin American and Caribbean countries in their efforts to address the COVID–19 pandemic and the related economic impact; and to advance inclusive economic and social development in the Americas.
Not later than 45 days after the date of the enactment of this Act, the President shall submit to the Committee on Foreign Relations of the Senate and the Committee on Financial Services of the House of Representatives a report detailing efforts to carry out paragraphs
(1)and (2). The Inter-American Development Bank Act ( 22 U.S.C. 283 et seq. ) is amended by adding at the end the following: The United States Governor of the Bank is authorized to vote in favor of a resolution to increase the capital stock of the Bank by $80,000,000,000 over a period not to exceed 5 years. The United States Governor of the Bank may subscribe on behalf of the United States to 1,990,714 additional shares of the capital stock of the Bank. Any subscription by the United States to the capital stock of the Bank shall be effective only to such extent and in such amounts as are provided in advance in appropriations Acts. In order to pay for the increase in the United States subscription to the Bank under subsection (b), there is authorized to be appropriated $24,014,857,191 for payment by the Secretary of the Treasury. Of the amount authorized to be appropriated under paragraph (1)— $600,371,430 shall be for paid in shares of the Bank; and $23,414,485,761 shall be for callable shares of the Bank. . It is the sense of Congress that the Inter-American Development Bank should— establish its own environmental grant-making and financing facility in order to implement and expand environmental policies, metrics, and standards, to strengthen resilience and disaster preparedness, and to improve sustainability and conservation; and continue to strengthen environmental safeguards as an element of economic development in the Western Hemisphere. The President shall advance diplomatic engagement to build support among member countries of the Bank for the creation of an environmental fund and financing facility as part of the tenth general capital increase for the Bank.
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Sec. 234
10th general capital increase for the Inter-American Development Bank
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