22 U.S.C. § 262p-2 : US Code - Section 262P-2: Instructions to United States Executive Directors for extension of credit

Search 22 U.S.C. § 262p-2 : US Code - Section 262P-2: Instructions to United States Executive Directors for extension of credit

(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) of this section.