TITLE 22 - US CODE - SUBCHAPTER IV - DEBT REDUCTION FOR DEVELOPING COUNTRIES WITH TROPICAL FORESTS
22 USC 2431 - Findings and purposes
(a) Findings
The Congress finds the following:
The Congress finds the following:
(1) It is the established policy of the United States to support and seek protection of tropical forests around the world.
(2) Tropical forests provide a wide range of benefits to humankind by
(A) harboring a major share of the Earths biological and terrestrial resources, which are the basis for developing pharmaceutical products and revitalizing agricultural crops;
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(B) playing a critical role as carbon sinks in reducing greenhouse gases in the atmosphere, thus moderating potential global climate change; and
(C) regulating hydrological cycles on which far-flung agricultural and coastal resources depend.
(3) International negotiations and assistance programs to conserve forest resources have proliferated over the past decade, but the rapid rate of tropical deforestation continues unabated.
(4) Developing countries with urgent needs for investment and capital for development have allocated a significant amount of their forests to logging concessions.
(5) Poverty and economic pressures on the populations of developing countries have, over time, resulted in clearing of vast areas of forest for conversion to agriculture, which is often unsustainable in the poor soils underlying tropical forests.
(6) Debt reduction can reduce economic pressures on developing countries and result in increased protection for tropical forests.
(7) Finding economic benefits to local communities from sustainable uses of tropical forests is critical to the protection of tropical forests.
(b) Purposes
The purposes of this subchapter are
The purposes of this subchapter are
(1) to recognize the values received by United States citizens from protection of tropical forests;
(2) to facilitate greater protection of tropical forests (and to give priority to protecting tropical forests with the highest levels of biodiversity and under the most severe threat) by providing for the alleviation of debt in countries where tropical forests are located, thus allowing the use of additional resources to protect these critical resources and reduce economic pressures that have led to deforestation;
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(3) to ensure that resources freed from debt in such countries are targeted to protection of tropical forests and their associated values; and
(4) to rechannel existing resources to facilitate the protection of tropical forests.
22 USC 2431a - Definitions
As used in this subchapter:
(1) Administering body
The term administering body means the entity provided for in section 2431g (c) of this title.
The term administering body means the entity provided for in section 2431g (c) of this title.
(2) Appropriate congressional committees
The term appropriate congressional committees means
The term appropriate congressional committees means
(A) the Committee on International Relations and the Committee on Appropriations of the House of Representatives; and
(B) the Committee on Foreign Relations and the Committee on Appropriations of the Senate.
(3) Beneficiary country
The term beneficiary country means an eligible country with respect to which the authority of section 2431d (a)(1) of this title, section 2431e (a)(1) of this title, or paragraph (1) or (2) of section 2431f (a) of this title is exercised.
The term beneficiary country means an eligible country with respect to which the authority of section 2431d (a)(1) of this title, section 2431e (a)(1) of this title, or paragraph (1) or (2) of section 2431f (a) of this title is exercised.
(5) Developing country with a tropical forest
The term developing country with a tropical forest means
The term developing country with a tropical forest means
(A)
(i) a country that has a per capita income of $725 or less in 1994 United States dollars (commonly referred to as low-income country), as determined and adjusted on an annual basis by the International Bank for Reconstruction and Development in its World Development Report; or
(ii) a country that has a per capita income of more than $725 but less than $8,956 in 1994 United States dollars (commonly referred to as middle-income country), as determined and adjusted on an annual basis by the International Bank for Reconstruction and Development in its World Development Report; and
(B) a country that contains at least one tropical forest that is globally outstanding in terms of its biological diversity or represents one of the larger intact blocks of tropical forests left, on a regional, continental, or global scale.
(6) Eligible country
The term eligible country means a country designated by the President in accordance with section 2431c of this title.
The term eligible country means a country designated by the President in accordance with section 2431c of this title.
(7) Tropical Forest Agreement
The term Tropical Forest Agreement or Agreement means a Tropical Forest Agreement provided for in section 2431g of this title.
The term Tropical Forest Agreement or Agreement means a Tropical Forest Agreement provided for in section 2431g of this title.
(8) Tropical Forest Facility
The term Tropical Forest Facility or Facility means the Tropical Forest Facility established in the Department of the Treasury by section 2431b of this title.
The term Tropical Forest Facility or Facility means the Tropical Forest Facility established in the Department of the Treasury by section 2431b of this title.
(9) Tropical Forest Fund
The term Tropical Forest Fund or Fund means a Tropical Forest Fund provided for in section 2431h of this title.
The term Tropical Forest Fund or Fund means a Tropical Forest Fund provided for in section 2431h of this title.
22 USC 2431b - Establishment of Facility
There is established in the Department of the Treasury an entity to be known as the Tropical Forest Facility for the purpose of providing for the administration of debt reduction in accordance with this subchapter.
22 USC 2431c - Eligibility for benefits
(a) In general
To be eligible for benefits from the Facility under this subchapter, a country shall be a developing country with a tropical forest
To be eligible for benefits from the Facility under this subchapter, a country shall be a developing country with a tropical forest
(1) whose government meets the requirements applicable to Latin American or Caribbean countries under paragraphs (1) through (5) and (7) of section 2430b (a) of this title; and
(2) that has put in place investment reforms, as evidenced by the conclusion of a bilateral investment treaty with the United States, implementation of an investment sector loan with the Inter-American Development Bank, World Bank-supported investment reforms, or other measures, as appropriate.
(b) Eligibility determinations
(1) In general
Consistent with subsection (a) of this section, the President shall determine whether a country is eligible to receive benefits under this subchapter.
Consistent with subsection (a) of this section, the President shall determine whether a country is eligible to receive benefits under this subchapter.
(2) Congressional notification
The President shall notify the appropriate congressional committees of his intention to designate a country as an eligible country at least 15 days in advance of any formal determination.
The President shall notify the appropriate congressional committees of his intention to designate a country as an eligible country at least 15 days in advance of any formal determination.
22 USC 2431d - Reduction of debt owed to United States as result of concessional loans under this chapter
(a) Authority to reduce debt
(1) Authority
The President may reduce the amount owed to the United States (or any agency of the United States) that is outstanding as of January 1, 1998, as a result of concessional loans made to an eligible country by the United States under subchapter I of this chapter, part IV of subchapter II of this chapter, or predecessor foreign economic assistance legislation.
The President may reduce the amount owed to the United States (or any agency of the United States) that is outstanding as of January 1, 1998, as a result of concessional loans made to an eligible country by the United States under subchapter I of this chapter, part IV of subchapter II of this chapter, or predecessor foreign economic assistance legislation.
(2) Authorization of appropriations
For the cost (as defined in section 661a (5) of title 2) for the reduction of any debt pursuant to this section, there are authorized to be appropriated to the President
For the cost (as defined in section 661a (5) of title 2) for the reduction of any debt pursuant to this section, there are authorized to be appropriated to the President
(A) $25,000,000 for fiscal year 1999;
(B) $75,000,000 for fiscal year 2000; and
(C) $100,000,000 for fiscal year 2001.
(3) Certain prohibitions inapplicable
(A) In general
A reduction of debt pursuant to this section shall not be considered assistance for purposes of any provision of law limiting assistance to a country.
A reduction of debt pursuant to this section shall not be considered assistance for purposes of any provision of law limiting assistance to a country.
(b) Implementation of debt reduction
(1) In general
Any debt reduction pursuant to subsection (a) of this section shall be accomplished at the direction of the Facility by the exchange of a new obligation for obligations of the type referred to in subsection (a) of this section outstanding as of the date specified in subsection (a)(1) of this section.
Any debt reduction pursuant to subsection (a) of this section shall be accomplished at the direction of the Facility by the exchange of a new obligation for obligations of the type referred to in subsection (a) of this section outstanding as of the date specified in subsection (a)(1) of this section.
(2) Exchange of obligations
(A) In general
The Facility shall notify the agency primarily responsible for administering subchapter I of this chapter of an agreement entered into under paragraph (1) with an eligible country to exchange a new obligation for outstanding obligations.
The Facility shall notify the agency primarily responsible for administering subchapter I of this chapter of an agreement entered into under paragraph (1) with an eligible country to exchange a new obligation for outstanding obligations.
(B) Additional requirement
At the direction of the Facility, the old obligations that are the subject of the agreement shall be canceled and a new debt obligation for the country shall be established relating to the agreement, and the agency primarily responsible for administering subchapter I of this chapter shall make an adjustment in its accounts to reflect the debt reduction.
At the direction of the Facility, the old obligations that are the subject of the agreement shall be canceled and a new debt obligation for the country shall be established relating to the agreement, and the agency primarily responsible for administering subchapter I of this chapter shall make an adjustment in its accounts to reflect the debt reduction.
(c) Additional terms and conditions
(1) The following additional terms and conditions shall apply to the reduction of debt under subsection (a)(1) of this section in the same manner as such terms and conditions apply to the reduction of debt under section 2430c (a)(1) of this title:
(A) The provisions relating to repayment of principal under section 2430d of this title.
(B) The provisions relating to interest on new obligations under section 2430e of this title.
(2) In addition to the application of the provisions relating to repayment of principal under section 2430d of this title to the reduction of debt under subsection (a)(1) of this section (in accordance with paragraph (1)(A) of this subsection), repayment of principal on a new obligation established under subsection (b) of this section may be made in the local currency of the beneficiary country and deposited in the Tropical Forest Fund of the country in the same manner as the provisions relating to payment of interest on new obligations under section 2430e of this title.
(d) Authorization of appropriations for fiscal years after fiscal year 2001
For the cost (as defined in section 661a (5) of title 2) for the reduction of any debt pursuant to this section or section 2431e of this title, there are authorized to be appropriated to the President the following:
For the cost (as defined in section 661a (5) of title 2) for the reduction of any debt pursuant to this section or section 2431e of this title, there are authorized to be appropriated to the President the following:
(1) $50,000,000 for fiscal year 2002.
(2) $75,000,000 for fiscal year 2003.
(3) $100,000,000 for fiscal year 2004.
(4) $20,000,000 for fiscal year 2005.
(5) $25,000,000 for fiscal year 2006.
(6) $30,000,000 for fiscal year 2007.
(e) Use of funds to conduct program audits and evaluations
Of the amounts made available to carry out this subchapter for a fiscal year, $200,000 is authorized to be made available to carry out audits and evaluations of programs under this subchapter, including personnel costs associated with such audits and evaluations.
Of the amounts made available to carry out this subchapter for a fiscal year, $200,000 is authorized to be made available to carry out audits and evaluations of programs under this subchapter, including personnel costs associated with such audits and evaluations.
22 USC 2431e - Reduction of debt owed to United States as result of credits extended under title I of Agricultural Trade Development and Assistance Act of 1954
(a) Authority to reduce debt
(1) Authority
Notwithstanding any other provision of law, the President may reduce the amount owed to the United States (or any agency of the United States) that is outstanding as of January 1, 1998, as a result of any credits extended under title I of the Agricultural Trade Development and Assistance Act of 1954 (7 U.S.C. 1701 et seq.) to a country eligible for benefits from the Facility.
Notwithstanding any other provision of law, the President may reduce the amount owed to the United States (or any agency of the United States) that is outstanding as of January 1, 1998, as a result of any credits extended under title I of the Agricultural Trade Development and Assistance Act of 1954 (7 U.S.C. 1701 et seq.) to a country eligible for benefits from the Facility.
(2) Authorization of appropriations
(A) In general
For the cost (as defined in section 661a (5) of title 2) for the reduction of any debt pursuant to this section, there are authorized to be appropriated to the President
For the cost (as defined in section 661a (5) of title 2) for the reduction of any debt pursuant to this section, there are authorized to be appropriated to the President
(i) $25,000,000 for fiscal year 1999;
(ii) $50,000,000 for fiscal year 2000; and
(iii) $50,000,000 for fiscal year 2001.
(b) Implementation of debt reduction
(1) In general
Any debt reduction pursuant to subsection (a) of this section shall be accomplished at the direction of the Facility by the exchange of a new obligation for obligations of the type referred to in subsection (a) of this section outstanding as of the date specified in subsection (a)(1) of this section.
Any debt reduction pursuant to subsection (a) of this section shall be accomplished at the direction of the Facility by the exchange of a new obligation for obligations of the type referred to in subsection (a) of this section outstanding as of the date specified in subsection (a)(1) of this section.
(2) Exchange of obligations
(A) In general
The Facility shall notify the Commodity Credit Corporation of an agreement entered into under paragraph (1) with an eligible country to exchange a new obligation for outstanding obligations.
The Facility shall notify the Commodity Credit Corporation of an agreement entered into under paragraph (1) with an eligible country to exchange a new obligation for outstanding obligations.
(B) Additional requirement
At the direction of the Facility, the old obligations that are the subject of the agreement shall be canceled and a new debt obligation shall be established for the country relating to the agreement, and the Commodity Credit Corporation shall make an adjustment in its accounts to reflect the debt reduction.
At the direction of the Facility, the old obligations that are the subject of the agreement shall be canceled and a new debt obligation shall be established for the country relating to the agreement, and the Commodity Credit Corporation shall make an adjustment in its accounts to reflect the debt reduction.
(c) Additional terms and conditions
(1) The following additional terms and conditions shall apply to the reduction of debt under subsection (a)(1) of this section in the same manner as such terms and conditions apply to the reduction of debt under section 604(a)(1) of the Agricultural Trade Development and Assistance Act of 1954 [7 U.S.C. 1738c (a)(1)]:
(2) In addition to the application of the provisions relating to repayment of principal under section 605 of the Agricultural Trade Development and Assistance Act of 1954 [7 U.S.C. 1738d] to the reduction of debt under subsection (a)(1) of this section (in accordance with paragraph (1)(A) of this subsection), repayment of principal on a new obligation established under subsection (b) of this section may be made in the local currency of the beneficiary country and deposited in the Tropical Forest Fund of the country in the same manner as the provisions relating to payment of interest on new obligations under section 606 of such Act [7 U.S.C. 1738e].
22 USC 2431f - Authority to engage in debt-for-nature swaps and debt buybacks
(a) Loans and credits eligible for sale, reduction, or cancellation
(1) Debt-for-nature swaps
(A) In general
Notwithstanding any other provision of law, the President may, in accordance with this section, sell to any eligible purchaser described in subparagraph (B) any concessional loans described in section 2431d (a)(1) of this title or any credits described in section 2431e (a)(1) of this title, or on receipt of payment from an eligible purchaser described in subparagraph (B), reduce or cancel such loans (or credits) or portion thereof, only for the purpose of facilitating a debt-for-nature swap to support eligible activities described in section 2431g (d) of this title.
Notwithstanding any other provision of law, the President may, in accordance with this section, sell to any eligible purchaser described in subparagraph (B) any concessional loans described in section 2431d (a)(1) of this title or any credits described in section 2431e (a)(1) of this title, or on receipt of payment from an eligible purchaser described in subparagraph (B), reduce or cancel such loans (or credits) or portion thereof, only for the purpose of facilitating a debt-for-nature swap to support eligible activities described in section 2431g (d) of this title.
(B) Eligible purchaser described
A loan or credit may be sold, reduced, or canceled under subparagraph (A) only to a purchaser who presents plans satisfactory to the President for using the loan or credit for the purpose of engaging in debt-for-nature swaps to support eligible activities described in section 2431g (d) of this title.
A loan or credit may be sold, reduced, or canceled under subparagraph (A) only to a purchaser who presents plans satisfactory to the President for using the loan or credit for the purpose of engaging in debt-for-nature swaps to support eligible activities described in section 2431g (d) of this title.
(C) Consultation requirement
Before the sale under subparagraph (A) to any eligible purchaser described in subparagraph (B), or any reduction or cancellation under such subparagraph (A), of any loan or credit made to an eligible country, the President shall consult with the country concerning the amount of loans or credits to be sold, reduced, or canceled and their uses for debt-for-nature swaps to support eligible activities described in section 2431g (d) of this title.
Before the sale under subparagraph (A) to any eligible purchaser described in subparagraph (B), or any reduction or cancellation under such subparagraph (A), of any loan or credit made to an eligible country, the President shall consult with the country concerning the amount of loans or credits to be sold, reduced, or canceled and their uses for debt-for-nature swaps to support eligible activities described in section 2431g (d) of this title.
(D) Authorization of appropriations
For the cost (as defined in section 661a (5) of title 2) for the reduction of any debt pursuant to subparagraph (A), amounts authorized to be appropriated under sections 2431d (a)(2), 2431e (a)(2), and 2431d (d) of this title shall be made available for such reduction of debt pursuant to subparagraph (A).
For the cost (as defined in section 661a (5) of title 2) for the reduction of any debt pursuant to subparagraph (A), amounts authorized to be appropriated under sections 2431d (a)(2), 2431e (a)(2), and 2431d (d) of this title shall be made available for such reduction of debt pursuant to subparagraph (A).
(2) Debt buybacks
Notwithstanding any other provision of law, the President may, in accordance with this section, sell to any eligible country any concessional loans described in section 2431d (a)(1) of this title or any credits described in section 2431e (a)(1) of this title, or on receipt of payment from an eligible country, reduce or cancel such loans (or credits) or portion thereof, only for the purpose of facilitating a debt buyback by an eligible country of its own qualified debt, only if the eligible country uses an additional amount of the local currency of the eligible country, equal to not less than the lessor of 40 percent of the price paid for such debt by such eligible country, or the difference between the price paid for such debt and the face value of such debt, to support eligible activities described in section 2431g (d) of this title.
Notwithstanding any other provision of law, the President may, in accordance with this section, sell to any eligible country any concessional loans described in section 2431d (a)(1) of this title or any credits described in section 2431e (a)(1) of this title, or on receipt of payment from an eligible country, reduce or cancel such loans (or credits) or portion thereof, only for the purpose of facilitating a debt buyback by an eligible country of its own qualified debt, only if the eligible country uses an additional amount of the local currency of the eligible country, equal to not less than the lessor of 40 percent of the price paid for such debt by such eligible country, or the difference between the price paid for such debt and the face value of such debt, to support eligible activities described in section 2431g (d) of this title.
(3) Limitation
The authority provided by paragraphs (1) and (2) shall be available only to the extent that appropriations for the cost (as defined in section 661a (5) of title 2) of the modification of any debt pursuant to such paragraphs are made in advance.
The authority provided by paragraphs (1) and (2) shall be available only to the extent that appropriations for the cost (as defined in section 661a (5) of title 2) of the modification of any debt pursuant to such paragraphs are made in advance.
(4) Terms and conditions
Notwithstanding any other provision of law, the President shall, in accordance with this section, establish the terms and conditions under which loans and credits may be sold, reduced, or canceled pursuant to this section.
Notwithstanding any other provision of law, the President shall, in accordance with this section, establish the terms and conditions under which loans and credits may be sold, reduced, or canceled pursuant to this section.
(5) Administration
(A) In general
The Facility shall notify the administrator of the agency primarily responsible for administering subchapter I of this chapter or the Commodity Credit Corporation, as the case may be, of eligible purchasers described in paragraph (1)(B) that the President has determined to be eligible under paragraph (1), and shall direct such agency or Corporation, as the case may be, to carry out the sale, reduction, or cancellation of a loan pursuant to such paragraph.
The Facility shall notify the administrator of the agency primarily responsible for administering subchapter I of this chapter or the Commodity Credit Corporation, as the case may be, of eligible purchasers described in paragraph (1)(B) that the President has determined to be eligible under paragraph (1), and shall direct such agency or Corporation, as the case may be, to carry out the sale, reduction, or cancellation of a loan pursuant to such paragraph.
(B) Additional requirement
Such agency or Corporation, as the case may be, shall make an adjustment in its accounts to reflect the sale, reduction, or cancellation.
Such agency or Corporation, as the case may be, shall make an adjustment in its accounts to reflect the sale, reduction, or cancellation.
(b) Deposit of proceeds
The proceeds from the sale, reduction, or cancellation of any loan sold, reduced, or canceled pursuant to this section shall be deposited in the United States Government account or accounts established for the repayment of such loan.
The proceeds from the sale, reduction, or cancellation of any loan sold, reduced, or canceled pursuant to this section shall be deposited in the United States Government account or accounts established for the repayment of such loan.
22 USC 2431g - Tropical Forest Agreement
(a) Authority
(1) In general
The Secretary of State is authorized, in consultation with other appropriate officials of the Federal Government, to enter into a Tropical Forest Agreement with any eligible country concerning the operation and use of the Fund for that country.
The Secretary of State is authorized, in consultation with other appropriate officials of the Federal Government, to enter into a Tropical Forest Agreement with any eligible country concerning the operation and use of the Fund for that country.
(2) Consultation
In the negotiation of such an Agreement, the Secretary shall consult with the Board in accordance with section 2431i of this title.
In the negotiation of such an Agreement, the Secretary shall consult with the Board in accordance with section 2431i of this title.
(b) Contents of Agreement
The requirements contained in section 2430g (b) of this title (relating to contents of an agreement) shall apply to an Agreement in the same manner as such requirements apply to an Americas Framework Agreement.
The requirements contained in section 2430g (b) of this title (relating to contents of an agreement) shall apply to an Agreement in the same manner as such requirements apply to an Americas Framework Agreement.
(c) Administering body
(1) In general
Amounts disbursed from the Fund in each beneficiary country shall be administered by a body constituted under the laws of that country.
Amounts disbursed from the Fund in each beneficiary country shall be administered by a body constituted under the laws of that country.
(2) Composition
(A) In general
The administering body shall consist of
The administering body shall consist of
(i) one or more individuals appointed by the United States Government;
(ii) one or more individuals appointed by the government of the beneficiary country; and
(iii) individuals who represent a broad range of
(I) environmental nongovernmental organizations of, or active in, the beneficiary country;
(II) local community development nongovernmental organizations of the beneficiary country; and
(III) scientific, academic, or forestry organizations of the beneficiary country.
(B) Additional requirement
A majority of the members of the administering body shall be individuals described in subparagraph (A)(iii).
A majority of the members of the administering body shall be individuals described in subparagraph (A)(iii).
(3) Responsibilities
The requirements contained in section 2430g (c)(3) of this title (relating to responsibilities of the administering body) shall apply to an administering body described in paragraph (1) in the same manner as such requirements apply to an administering body described in section 2430g (c)(1) of this title.
The requirements contained in section 2430g (c)(3) of this title (relating to responsibilities of the administering body) shall apply to an administering body described in paragraph (1) in the same manner as such requirements apply to an administering body described in section 2430g (c)(1) of this title.
(d) Eligible activities
Amounts deposited in a Fund shall be used only to provide grants to conserve, maintain, and restore the tropical forests in the beneficiary country, through one or more of the following activities:
Amounts deposited in a Fund shall be used only to provide grants to conserve, maintain, and restore the tropical forests in the beneficiary country, through one or more of the following activities:
(1) Establishment, restoration, protection, and maintenance of parks, protected areas, and reserves.
(2) Development and implementation of scientifically sound systems of natural resource management, including land and ecosystem management practices.
(3) Training programs to increase the scientific, technical, and managerial capacities of individuals and organizations involved in conservation efforts.
(4) Restoration, protection, or sustainable use of diverse animal and plant species.
(5) Research and identification of medicinal uses of tropical forest plant life to treat human diseases, illnesses, and health related concerns.
(6) Development and support of the livelihoods of individuals living in or near a tropical forest in a manner consistent with protecting such tropical forest.
(e) Grant recipients
(1) In general
Grants made from a Fund shall be made to
Grants made from a Fund shall be made to
(A) nongovernmental environmental, forestry, conservation, and indigenous peoples organizations of, or active in, the beneficiary country;
(B) other appropriate local or regional entities of, or active in, the beneficiary country; or
(C) in exceptional circumstances, the government of the beneficiary country.
(2) Priority
In providing grants under paragraph (1), priority shall be given to projects that are run by nongovernmental organizations and other private entities and that involve local communities in their planning and execution.
In providing grants under paragraph (1), priority shall be given to projects that are run by nongovernmental organizations and other private entities and that involve local communities in their planning and execution.
(f) Review of larger grants
Any grant of more than $100,000 from a Fund shall be subject to veto by the Government of the United States or the government of the beneficiary country.
Any grant of more than $100,000 from a Fund shall be subject to veto by the Government of the United States or the government of the beneficiary country.
(g) Eligibility criteria
In the event that a country ceases to meet the eligibility requirements set forth in section 2431c (a) of this title, as determined by the President pursuant to section 2431c (b) of this title, then grants from the Fund for that country may only be made to nongovernmental organizations until such time as the President determines that such country meets the eligibility requirements set forth in section 2431c (a) of this title.
In the event that a country ceases to meet the eligibility requirements set forth in section 2431c (a) of this title, as determined by the President pursuant to section 2431c (b) of this title, then grants from the Fund for that country may only be made to nongovernmental organizations until such time as the President determines that such country meets the eligibility requirements set forth in section 2431c (a) of this title.
22 USC 2431h - Tropical Forest Fund
(a) Establishment
Each beneficiary country that enters into a Tropical Forest Agreement under section 2431g of this title shall be required to establish a Tropical Forest Fund to receive payments of interest and principal on new obligations undertaken by the beneficiary country under this subchapter.
Each beneficiary country that enters into a Tropical Forest Agreement under section 2431g of this title shall be required to establish a Tropical Forest Fund to receive payments of interest and principal on new obligations undertaken by the beneficiary country under this subchapter.
(b) Requirements relating to operation of Fund
The following terms and conditions shall apply to the Fund in the same manner as such terms as[1] conditions apply to an Enterprise for the Americas Fund under section 2430f of this title:
The following terms and conditions shall apply to the Fund in the same manner as such terms as[1] conditions apply to an Enterprise for the Americas Fund under section 2430f of this title:
(1) The provision relating to deposits under subsection (b) of such section.
(2) The provision relating to investments under subsection (c) of such section.
(3) The provision relating to disbursements under subsection (d) of such section.
[1] So in original. Probably should be “and”.
22 USC 2431i - Board
(a) Enterprise for the Americas Board
The Enterprise for the Americas Board established under section 1738i (a) of title 7 shall, in addition to carrying out the responsibilities of the Board under section 1738i (c) of title 7, carry out the duties described in subsection (c) of this section for the purposes of this subchapter.
The Enterprise for the Americas Board established under section 1738i (a) of title 7 shall, in addition to carrying out the responsibilities of the Board under section 1738i (c) of title 7, carry out the duties described in subsection (c) of this section for the purposes of this subchapter.
(b) Additional membership
(1) In general
The Enterprise for the Americas Board shall be composed of an additional four members appointed by the President as follows:
The Enterprise for the Americas Board shall be composed of an additional four members appointed by the President as follows:
(A) Two representatives from the United States Government, including a representative of the International Forestry Division of the United States Forest Service.
(B) Two representatives from private nongovernmental environmental, scientific, forestry, or academic organizations with experience and expertise in preservation, maintenance, sustainable uses, and restoration of tropical forests.
(c) Duties
The duties described in this subsection are as follows:
The duties described in this subsection are as follows:
(1) Advise the Secretary of State on the negotiations of Tropical Forest Agreements.
(2) Ensure, in consultation with
(A) the government of the beneficiary country;
(B) nongovernmental organizations of the beneficiary country;
(C) nongovernmental organizations of the region (if appropriate);
(D) environmental, scientific, forestry, and academic leaders of the beneficiary country; and
(E) environmental, scientific, forestry, and academic leaders of the region (as appropriate),
that a suitable administering body is identified for each Fund.
(3) Review the programs, operations, and fiscal audits of each administering body.
22 USC 2431j - Consultations with Congress
The President shall consult with the appropriate congressional committees on a periodic basis to review the operation of the Facility under this subchapter and the eligibility of countries for benefits from the Facility under this subchapter.
22 USC 2431k - Annual reports to Congress
(a) In general
Not later than December 31 of each year, the President shall prepare and transmit to the Congress an annual report concerning the operation of the Facility for the prior fiscal year. Such report shall include
Not later than December 31 of each year, the President shall prepare and transmit to the Congress an annual report concerning the operation of the Facility for the prior fiscal year. Such report shall include
(1) a description of the activities undertaken by the Facility during the previous fiscal year;
(2) a description of any Agreement entered into under this subchapter;
(3) a report on any Funds that have been established under this subchapter and on the operations of such Funds; and
(4) a description of any grants that have been provided by administering bodies pursuant to Agreements under this subchapter.
(b) Supplemental views in annual report
Not later than December 15 of each year, each member of the Board shall be entitled to receive a copy of the report required under subsection (a) of this section. Each member of the Board may prepare and submit supplemental views to the President on the implementation of this subchapter by December 31 for inclusion in the annual report when it is transmitted to Congress pursuant to this section.
Not later than December 15 of each year, each member of the Board shall be entitled to receive a copy of the report required under subsection (a) of this section. Each member of the Board may prepare and submit supplemental views to the President on the implementation of this subchapter by December 31 for inclusion in the annual report when it is transmitted to Congress pursuant to this section.