Sec. 7069.
454 words·~2 min read·
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The African Development Bank Act ( 22 U.S.C. 290i et seq. ) is amended by inserting at the end the following new section: The United States Governor of the Bank may subscribe on behalf of the United States to 800,000 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. For the increase in the United States subscription to the Bank under subsection (a), there is authorized to be appropriated, without fiscal year limitation, $7,800,000,000, for payment by the Secretary of the Treasury for callable shares of the Bank. .
The European Bank for Reconstruction and Development Act ( 22 U.S.C. 290l et seq. ) is amended by adding at the end the following new paragraph: The United States Governor of the Bank is authorized to subscribe on behalf of the United States to 40,000 additional shares of the paid-in capital stock of the Bank. Any subscription by the United States to additional paid-in 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 paragraph (A), there are authorized to be appropriated, without fiscal year limitation, $439,100,000, for payment by the Secretary of the Treasury. . The Secretary of the Treasury is authorized to subscribe on behalf of the United States to up to an additional 58,942 shares of the capital stock of the Inter-American Investment Corporation: , That any subscription to such additional shares shall be effective only to such extent or in such amounts as are provided in this or any other appropriations Act:
Provided That, at the conclusion of negotiations for an increase in the authorized capital stock of the Inter-American Investment Corporation to which the United States subscribes, the Secretary of the Treasury shall report to the Committees on Appropriations, Senate Committee on Foreign Relations, and House Committee on Financial Services the full dollar amount of the United States’ subscription to additional shares of capital stock of the Inter-American Investment Corporation, and certify that the Inter-American Development Bank Group has made satisfactory progress toward reforms that increase the Inter-American Development Bank Group’s responsiveness to the development needs of all borrowing countries in Latin America and the Caribbean, improve the effectiveness of the Inter-American Development Bank Group’s financing, foster the development of a vibrant private sector in the region, help address global and regional challenges, and promote more efficient use of the Inter-American Development Bank Group’s financial resources.
Provided further,