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22 U.S.C. § 262p-2 - U.S. Code - Unannotated Title 22. Foreign Relations and Intercourse § 262p-2. Instructions to United States Executive Directors for extension of credit

Current as of January 01, 2024 | Updated by Findlaw Staff

(a)International Bank for Reconstruction and Development; International Development Association; access of poor to formal sources of credit; identification and removal of barriers to extension of credit generally and to provisions of credit to microenterprises

The Secretary of the Treasury shall instruct the United States Executive Director of the International Bank for Reconstruction and Development and the International Development Association to initiate discussions with other directors of such Bank or Association and to propose that--

(1) in carrying on the activities of the Bank or Association, the Bank or Association take such steps as may be necessary to increase access for the poor people of a borrowing country to formal sources of credit; and

(2) the Bank or Association include a requirement in all appropriate project and nonproject agreements, as a condition for assistance under such agreements, that the borrowing country identify and remove unreasonable legal and regulatory barriers to--

(A) the establishment or operation of organizations which extend credit; and

(B) the provision of credit to microenterprises for small scale economic activities.

(b)African Development Bank and Asian Development Bank; provision of credit to microenterprises

The Secretary of the Treasury shall instruct the United States Executive Directors of the African Development Bank and the Asian Development Bank to initiate discussions with other directors of the respective banks and to propose that each such bank--

(1) examine the Program for the Financing of Small Projects of the Inter-American Development Bank and the steps taken by such bank to link the Program to the mainstream operation of the bank; and

(2) explore ways and means to establish similar programs within the respective banks to provide credit to microenterprises for small scale economic activities.

(c)Annual reports to Congress; inclusion of status of microenterprise credit promotion activities

Each annual report to the Congress by the National Advisory Council on International Monetary and Financial Policies shall describe the status of the microenterprise credit promotion activities of each of the institutions referred to in subsection (a) or (b).

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Cite this article: FindLaw.com - 22 U.S.C. § 262p-2 - U.S. Code - Unannotated Title 22. Foreign Relations and Intercourse § 262p-2. Instructions to United States Executive Directors for extension of credit - last updated January 01, 2024 | https://codes.findlaw.com/us/title-22-foreign-relations-and-intercourse/22-usc-sect-262p-2/

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