Sec. 222A. Agricultural and Productive Credit and Self-Help Community Development Programs
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## Sec. 222A Agricultural and Productive Credit and Self-Help Community Development Programs **[**[22 U.S.C. 2182a](/us/usc/t22/s2182a)**]** ###
(a)It is the sense of the Congress that in order to stimulate the participation of the private sector in the economic development of less-developed countries, the authority conferred by this section should be used to establish pilot programs to encourage private banks, credit institutions, similar private lending organizations, cooperatives, and private nonprofit development organizations to make loans on reasonable terms to organized groups and individuals residing in a community for the purpose of enabling such groups and individuals to carry out agricultural credit and self-help community development projects for which they are unable to obtain financial assistance on reasonable terms. Agricultural credit and assistance for self-help community development projects should include, but not be limited to, material and such projects as wells, pumps, farm machinery, improved seed, fertilizer, pesticides, vocational training, food industry development, nutrition projects, improved breeding stock for farm animals, sanitation facilities, and looms and other handicraft aids. ###
(b)To carry out the purposes of subsection (a), the agency primarily responsible for administering part I is authorized to issue guaranties, on such terms and conditions as it shall determine, to private lending institutions, cooperatives, and private nonprofit development organizations assuring against loss of not to exceed 50 per centum of the portfolio of such loans made by any lender to organized groups or individuals residing in a community to enable such groups or individuals to carry out agricultural credit and self-help community development projects for which they are unable to obtain financial assistance on reasonable terms. In no event shall the liability of the United States exceed 75 per centum of any one loan. ###
(c)The total face amount of guaranties issued under this section outstanding at any one time shall not exceed $20,000,000. Not more than 10 per centum of such sum shall be provided for any one institution, cooperative, or organization. ###
(d)The Inter-American Foundation shall be consulted in developing criteria for making loans eligible for guaranty coverage in Latin America under this section.9 9The amendmend made by section 585(h)(3) of Public Law 106–113 repealing this subsection is as follows:
(j)Effective Dates.—The repeal made by subsection (c)(2) and the amendments made by subsection
(h)shall take effect upon the date of transmittal to Congress of the certification described in subsection (d)(4). Subsection (d)(4) reads as follows:
(4)Certification required.—Whenever the Director determines that the responsibilities described in paragraph
(1)have been fully discharged, the Director shall so certify to the appropriate congressional committees. ###
(e)Not to exceed $3,000,000 of the guaranty reserve established under section 223(b) shall be available to make such payments as may be necessary to discharge liabilities under guaranties issued under this section or any guaranties previously issued under section 240 of this Act. ###
(f)Funds held by the Overseas Private Investment Corporation pursuant to section 236 may be available for meeting necessary administrative and operating expenses for carrying out the provisions of this section through June 30, 1976. ###
(g)The Overseas Private Investment Corporation shall, upon enactment of this subsection, transfer to the agency primarily responsible for administering part I all obligations, assets, and related rights and responsibilities arising out of, or related to the predecessor program provided for in section 240 of this Act. ###
(h)The authority of this section shall continue through September 30, 1988. ###
(i)Notwithstanding the limitations in subsection
(c)of this section, foreign currencies owned by the United States and determined by the Secretary of the Treasury to be excess to the needs of the United States may be utilized to carry out the purposes of this section, including the discharge of liabilities under this subsection. The authority conferred by this subsection shall be in addition to authority conferred by any other provision of law to implement guaranty programs utilizing excess local currency.
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- Pub. L. 106-113
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Sec. 222A
Agricultural and Productive Credit and Self-Help Community Development Programs
Pub. L.Pub. L. 106-113
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