Sec. 1610.36. EXTENT TO WHICH BORROWING COUNTRY GOVERNMENTS HAVE HONORED DEBT-FOR-DEVELOPMENT SWAP AGREEMENTS TO BE CONSIDERED AS FACTOR IN MAKING LOANS TO SUCH BORROWERS

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## SEC. 1610.36 EXTENT TO WHICH BORROWING COUNTRY GOVERNMENTS HAVE HONORED DEBT-FOR-DEVELOPMENT SWAP AGREEMENTS TO BE CONSIDERED AS FACTOR IN MAKING LOANS TO SUCH BORROWERS **[**[22 U.S.C. 262p–4e](/us/usc/t22/s262p–4e)**]** ###

(a)In General The Secretary of the Treasury shall instruct the United States Executive Director of the International Bank for Reconstruction and Development to initiate discussions with the directors of such bank and propose that such bank consider, as an important factor in making loans to borrowing country governments, the history of compliance by such governments with, and the extent to which such governments have honored, agreements entered into by such governments as part of any debt-for-development swap which requires such governments to set aside or otherwise limit the use of real property to conservation purposes. 36Sec. 1610 was added by sec. 10 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). ###

(b)Definitions As used in this section: ####

(1)Debt-for-development swap The term “**debt-for-development swap**” means the purchase of qualified debt by, or the donation of such debt to, an organization described in section 501(c)(3) of the Internal Revenue code of 1986 which is exempt from taxation under section 501(a) of such Code, and the subsequent transfer of such debt to an organization located in such foreign country in exchange for an undertaking by such tax-exempt organization, such foreign government, or such foreign organization to engage in a charitable, educational, or scientific activity. ####

(2)Qualified debt The term “**qualified debt**” means— #####

(A)sovereign debt issued by a foreign government; #####

(B)debt owed by private institutions in the country governed by such foreign government; and #####

(C)debt owed by institutions in the country governed by such foreign government which are owned, in part, by private persons and, in part, by public institutions.

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

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Sec. 1610.36

EXTENT TO WHICH BORROWING COUNTRY GOVERNMENTS HAVE HONORED DEBT-FOR-DEVELOPMENT SWAP AGREEMENTS TO BE CONSIDERED AS FACTOR IN MAKING LOANS TO SUCH BORROWERS

Cite22 USC 262p–4e

Pub. L.Pub. L. 100-461

Stat.102 Stat. 2268

Cites 3Cited by 0 across 0 sources