§ 2213. United States Microfinance Loan Facility

937 words·~4 min read·/usc/title-22/section-2213

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(a)Establishment The President is authorized to establish a United States Microfinance Loan Facility (in this section referred to as the “Facility”) to pool and manage the risk from natural disasters, war or civil conflict, national financial crisis, or short-term financial movements that threaten the long-term development of United States-supported financial intermediaries.

(b)Disbursements

(1)In general The Administrator shall make disbursements from the Facility to United States-supported financial intermediaries to prevent the bankruptcy of such institutions caused by—

(A)natural disasters;

(B)national wars or civil conflict; or

(C)national financial crisis or other short-term financial movements that threaten the long-term development of United States-supported financial intermediaries.

(2)Form of assistance Assistance under this section shall be in the form of loans or loan guarantees for financial intermediaries that demonstrate the capacity to resume self-sustained operations within a reasonable time period.

(3)Congressional notification procedures During each of the fiscal years 2005 through 2009, funds may not be made available from the Facility until 15 days after notification of the proposed availability of the funds has been provided to the congressional committees specified in section 2394–1 of this title in accordance with the procedures applicable to reprogramming notifications under that section.

(c)General provisions

(1)Policy provisions In providing the credit assistance authorized by this section, the Administrator should apply, as appropriate, the policy provisions in subchapter I of this chapter that are applicable to development assistance activities.

(2)Default and procurement provisions

(A)Default provision The provisions of section 2370(q) of this title, or any comparable provision of law, shall not be construed to prohibit assistance to a country in the event that a private sector recipient of assistance furnished under this section is in default in its payment to the United States for the period specified in such section.

(B)Procurement provision Assistance may be provided under this section without regard to section 2354(a) of this title.

(3)Terms and conditions of credit assistance

(A)In general Credit assistance provided under this section shall be offered on such terms and conditions, including fees charged, as the Administrator may determine.

(B)Limitation on principal amount of financing The principal amount of loans made or guaranteed under this section in any fiscal year, with respect to any single event, may not exceed $30,000,000.

(C)Exception No payment may be made under any guarantee issued under this section for any loss arising out of fraud or misrepresentation for which the party seeking payment is responsible.

(4)Full faith and credit All guarantees issued under this section shall constitute obligations, in accordance with the terms of such guarantees, of the United States of America, and the full faith and credit of the United States of America is hereby pledged for the full payment and performance of such obligations to the extent of the guarantee.

(d)Funding

(1)Allocation of funds Of the amounts made available to carry out subchapter I of this chapter for each of the fiscal years 2005 through 2009, such sums as may be necessary may be made available for—

(A)the subsidy cost, as defined in section 661a(5) of title 2, to carry out this section; and

(B)the administrative costs to carry out this section.

(2)Relation to other funding Amounts made available under paragraph

(1)are in addition to amounts available under any other provision of law to carry out this section.

(Pub. L. 87–195, pt. I, § 257, formerly § 132, as added Pub. L. 106–309, title I, § 107(a), Oct. 17, 2000, 114 Stat. 1086; renumbered § 257 and amended Pub. L. 108–484, § 5(a), (b), (c)(2), Dec. 23, 2004, 118 Stat. 3927; Pub. L. 115–428, § 4(g), Jan. 9, 2019, 132 Stat. 5515.)

Connections21 cite this · traces to 7

Cited by 21 sections · top 20

public-private-law