22 U.S.C. § 2151t : US Code - Section 2151T: Development assistance authority

Search 22 U.S.C. § 2151t : US Code - Section 2151T: Development assistance authority

(a) Authority of President to furnish assistance
In order to carry out the purposes of this part, the President is
authorized to furnish assistance, on such terms and conditions as
he may determine, to countries and areas through programs of grant
and loan assistance, bilaterally or through regional, multilateral,
or private entities.
(b) Authority of President to make loans; terms and conditions
The President is authorized to make loans payable as to principal
and interest in United States dollars on such terms and conditions
as he may determine, in order to promote the economic development
of countries and areas, with emphasis upon assisting long-range
plans and programs designed to develop economic resources and
increase productive capacities. The President shall determine the
interest payable on any loan. In making loans under this part, the
President shall consider the economic circumstances of the borrower
and other relevant factors, including the capacity of the recipient
country to repay the loan at a reasonable rate of interest, except
that loans may not be made at a rate of interest of less than 3 per
centum per annum commencing not later than ten years following the
date on which the funds are initially made available under the
loan, during which ten-year period the rate of interest shall not
be lower than 2 per centum per annum, nor higher than the
applicable legal rate of interest of the country in which the loan
is made.
(c) Dollar receipts from loans to be paid into Treasury
Dollar receipts paid during any fiscal year from loans made under
subchapter I of this chapter or from loans made under predecessor
foreign assistance legislation shall be deposited in the Treasury
as miscellaneous receipts.
(d) Assistance to research and educational institutions in United
States; limitation on amounts
Not to exceed $10,000,000 of the funds made available each fiscal
year for the purposes of this part may be used for assistance, on
such terms and conditions as the President may determine, to
research and educational institutions in the United States for the
purpose of strengthening their capacity to develop and carry out
programs concerned with the economic and social development of
developing countries.
(e) Development Loan Committee; establishment; duties; appointment
of officers
The President shall establish an interagency Development Loan
Committee, consisting of such officers from such agencies of the
United States Government as he may determine, which shall, under
the direction of the President, establish standards and criteria
for lending operations under this part in accordance with the
foreign and financial policies of the United States. Except in the
case of officers serving in positions to which they were appointed
by the President by and with the advice and consent of the Senate,
officers assigned to the Committee shall be so assigned by the
President by and with the advice and consent of the Senate.