22 U.S.C. § 262p-4d : US Code - Section 262P-4D: Initiation of discussions to facilitate financing of human welfare and natural resource programs in sub-Saharan Africa in connection with debt reduction and conversion

Search 22 U.S.C. § 262p-4d : US Code - Section 262P-4D: Initiation of discussions to facilitate financing of human welfare and natural resource programs in sub-Saharan Africa in connection with debt reduction and conversion

(a) Findings
The Congress finds that -
(1) the heavy burden of debt borne by sub-Saharan governments
undermines efforts by such governments to finance projects and
programs designed to promote charitable, educational, and
scientific purposes, including education, human welfare, health,
agricultural research and development, and conservation,
restoration and enhancement of the natural resource base; and
(2) the financing of programs to promote such charitable,
educational, and scientific purposes should be facilitated in the
context of reducing and converting sovereign debt of sub-Saharan
governments, as encouraged in the final communique of the June
1988 economic summit conference in Toronto, Canada, through such
means as -
(A) concessional interest rates;
(B) extended repayment periods; or
(C) partial or complete write-offs of debt service
obligations.
(b) Initiation of discussions to facilitate financing of human
welfare and natural resource programs in sub-Saharan Africa in
connection with debt reduction and conversion
The Secretary of the Treasury shall instruct the United States
Executive Director of the African Development Bank and the African
Development Fund to initiate discussions with the directors of such
institutions and propose that such institutions, jointly with the
International Bank for Reconstruction and Development, the
International Development Association, and the International
Finance Corporation, as appropriate, provide advice and assistance
to government creditors holding sovereign debt of any sub-Saharan
government, and to sub-Saharan governments which desire to finance
programs with local currencies obtained through debt reduction and
conversion to promote charitable, educational, and scientific
(including conservation and restoration of natural resources)
purposes, as a condition of reducing or converting such sovereign
debt.