Sec. 1609.35. INITIATION OF DISCUSSIONS TO FACILITATE FINANCING OF HUMAN WELFARE AND NATURAL RESOURCE PROGRAMS IN SUB-SAHARAN AFRICA IN CONNECTION WITH DEBT REDUCTION AND CONVERSION

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## SEC. 1609.35 INITIATION OF DISCUSSIONS TO FACILITATE FINANCING OF HUMAN WELFARE AND NATURAL RESOURCE PROGRAMS IN SUB-SAHARAN AFRICA IN CONNECTION WITH DEBT REDUCTION AND CONVERSION **[**[22 U.S.C. 262p–4d](/us/usc/t22/s262p–4d)**]** ###

(a)Finding The Congress finds that— 35Sec. 1609 was added by sec. 9 of H.R. 4645 as passed by the House on September 28, 1988, and enacted into law by sec. 555 of Public Law 100–461 (102 Stat. 2268). ####

(1)the heavy burden of debt borne by sub-Saharan governments undermines efforts by such governments to finance projects and programs designed to promote charitable, educational, and scientific purposes, including education, human welfare, health, agricultural research and development, and conservation, restoration and enhancement of the natural resource base; and ####

(2)the financing of programs to promote such charitable, educational, and scientific purposes should be facilitated in the context of reducing and converting sovereign debt of sub-Saharan governments, as encouraged in the final communique of the June 1988 economic summit conference in Toronto, Canada, through such means as— #####

(A)concessional interest rates; #####

(B)extended repayment periods; or #####

(C)partial or complete write-offs of debt service obligations. ###

(b)Initiation of Discussions To Facilitate Financing of Human Welfare and Natural Resource Programs in Sub-Saharan Africa in Connection With Debt Reduction and Conversion The Secretary of the Treasury shall instruct the United States Executive Director of the African Development Bank and the African Development Fund to initiate discussions with the directors of such institutions and propose that such institutions, jointly with the International Bank for Reconstruction and Development, International Development Association, and the International Finance Corporation, as appropriate, provide advice and assistance to government creditors holding sovereign debt of any sub-Saharan government, and to sub-Saharan governments which desire to finance programs with local currencies obtained through debt reduction and conversion to promote charitable, educational, and scientific (including conservation and restoration of natural resources) purposes, as a condition of reducing or converting such sovereign debt.

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22 USC 262p–4d
Pub. L. 100-461
102 Stat. 2268

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Sec. 1609.35

INITIATION OF DISCUSSIONS TO FACILITATE FINANCING OF HUMAN WELFARE AND NATURAL RESOURCE PROGRAMS IN SUB-SAHARAN AFRICA IN CONNECTION WITH DEBT REDUCTION AND CONVERSION

Cite22 USC 262p–4d

Pub. L.Pub. L. 100-461

Stat.102 Stat. 2268

Cites 3Cited by 0 across 0 sources