Sec. 3. FOREIGN MILITARY LOAN AUTHORITY
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## SEC. 3 FOREIGN MILITARY LOAN AUTHORITY ###
(a)In General Beginning in fiscal year 2021, subject to the notification requirements under subsection
(b)and to the availability of appropriations, the President, acting through the Secretary of State, is authorized— ####
(1)to make direct loans under section 23 of the Arms Export Control Act (22 U.S.C. 2763) to NATO member countries that joined the alliance after March 1, 1999, notwithstanding the minimum interest rate required by subsection (c)(1) of such section; and ####
(2)to charge fees for such loans under paragraph (1), which shall be collected from borrowers in accordance with section 502(7) of the Congressional Budget Act of 1974, and which may be used to cover the costs of such loans as defined in section 502 of the Congressional Budget Act of 1974. ###
(b)Notification A loan may not be made under the authority provided by subsection
(a)unless the Secretary of State submits to the appropriate congressional committees a certification, not fewer than fifteen days before entering into an agreement to make such loan, that— ####
(1)the recipient country is making demonstrable progress toward meeting its defense spending commitments in accordance with the 2014 NATO Wales Summit Declaration; and ####
(2)the government of such recipient country is respecting that country’s constitution and upholds democratic values such as freedom of religion, freedom of speech, freedom of the press, the rule of law, and the rights of religious minorities. ###
(c)Repayment A loan made under the authority provided by subsection
(a)shall be repaid in not more than 12 years, but may include a grace period of up to 1 year on the repayment of the principal. ###
(d)Appropriate Congressional Committees Defined In this Act, the term “appropriate congressional committees” means— ####
(1)the Committee on Foreign Affairs and the Committee on Appropriations of the House of Representatives; and ####
(2)the Committee on Foreign Relations and the Committee on Appropriations of the Senate.
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Sec. 3
FOREIGN MILITARY LOAN AUTHORITY
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