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Code · STATUTE-COMPILATIONS · Nicaragua Investment Conditionality Act of 2018 · Sec. 4

Sec. 4. RESTRICTIONS ON INTERNATIONAL FINANCIAL INSTITUTIONS RELATING TO NICARAGUA

715 words·~3 min read·/statute-compilations/comps-16554/sec-4

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## SEC. 4 RESTRICTIONS ON INTERNATIONAL FINANCIAL INSTITUTIONS RELATING TO NICARAGUA ###
(a)Sense of Congress It is the sense of Congress that the Secretary of the Treasury should take all possible steps, including through the full implementation of the exceptions set forth in subsection (c), to ensure that the restrictions required under subsection
(b)do not negatively impact the basic human needs of the people of Nicaragua. ###
(b)Restrictions The Secretary of the Treasury shall— ####
(1)instruct the United States Executive Director at each international financial institution of the World Bank Group to use the voice, vote, and influence of the United States to oppose the extension by the International Finance Corporation of any loan or financial or technical assistance to the Government of Nicaragua for a project in Nicaragua; ####
(2)instruct the United States Executive Director of the Inter-American Development Bank to use the voice, vote, and influence of the United States to oppose the extension by the Bank of any loan or financial or technical assistance to the Government of Nicaragua for a project in Nicaragua; and ####
(3)instruct the United States Executive Director of each other international financial institution, including the International Monetary Fund, to work with other key donor countries to develop a coherent policy approach to future engagements with and lending to the Government of Nicaragua, in a manner that will advance human rights, including the full restoration of the rights guaranteed to the people of Nicaragua through the commitments made by the Government of Nicaragua as a signatory of the International Covenant on Civil and Political Rights. ###
(c)Exceptions for Basic Human Needs and Democracy Promotion The restrictions under paragraphs
(1)and
(2)of subsection
(b)shall not apply with respect to any loan or financial or technical assistance provided to address basic human needs or to promote democracy in Nicaragua. ###
(d)Increased Oversight ####
(1)In general The United States Executive Director at each international financial institution of the World Bank Group, the United States Executive Director at the Inter-American Development Bank, and the United States Executive Director at each other international financial institution, including the International Monetary Fund, shall take all practicable steps— #####
(A)to increase scrutiny of any loan or financial or technical assistance provided for a project in Nicaragua; and #####
(B)to ensure that the loan or assistance is administered through an entity with full technical, administrative, and financial independence from the Government of Nicaragua. ####
(2)Mechanisms for increased scrutiny The United States Executive Director at each international financial institution described in paragraph
(1)shall use the voice, vote, and influence of the United States to encourage that institution to increase oversight mechanisms for new and existing loans or financial or technical assistance provided for a project in Nicaragua. ###
(e)Interagency Consultation Before implementing the restrictions described in subsection (b), or before exercising an exception under subsection (c), the Secretary of the Treasury shall consult with the Secretary of State and with the Administrator of the United States Agency for International Development to ensure that all loans and financial or technical assistance to Nicaragua are consistent with United States foreign policy objectives as defined in section 3. ###
(f)Report Not later than 180 days after the date of the enactment of the RENACER Act, and annually thereafter until the termination date specified in section 10, the Secretary of the Treasury, in coordination with the Secretary of State and the Administrator of the United States Agency for International Development, shall submit to the appropriate congressional committees a report on the implementation of this section, which shall include— ####
(1)summary of any loans and financial and technical assistance provided by international financial institutions for projects in Nicaragua; ####
(2)a description of the implementation of the restrictions described in subsection (b); ####
(3)an identification of the occasions in which the exceptions under subsection
(c)are exercised and an assessment of how the loan or assistance provided with each such exception may address basic human needs or promote democracy in Nicaragua; ####
(4)a description of the results of the increased oversight conducted under subsection (d); and ####
(5)a description of international efforts to address the humanitarian needs of the people of Nicaragua.
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