Title 19 — Customs Duties
Chapter 23 — Extension of Certain Trade Benefits to Sub-Saharan Africa
§ 3733. Overseas Private Investment Corporation initiatives
Statutory text
Initiation of funds
It is the sense of the Congress that the Overseas Private Investment Corporation 1 should exercise the authorities it has to initiate an equity fund or equity funds in support of projects in the countries in sub-Saharan Africa, in addition to the existing equity fund for sub-Saharan Africa created by the Corporation.
Structure and types of funds
Structure
Each fund initiated under subsection (a) should be structured as a partnership managed by professional private sector fund managers and monitored on a continuing basis by the Corporation.
Capitalization
Each fund should be capitalized with a combination of private equity capital, which is not guaranteed by the Corporation, and debt for which the Corporation provides guaranties.
Infrastructure fund
One or more of the funds, with combined assets of up to $500,000,000, should be used in support of infrastructure projects in countries of sub-Saharan Africa.
Emphasis
The Corporation shall ensure that the funds are used to provide support in particular to women entrepreneurs and to innovative investments that expand opportunities for women and maximize employment opportunities for poor individuals.
Overseas Private Investment Corporation
Omitted
Reports to Congress
Within 6 months after , and annually for each of the 4 years thereafter, the Board of Directors of the Overseas Private Investment Corporation 1 shall submit to Congress a report on the steps that the Board has taken to implement section 2193(e) 2 of title 22 and any recommendations of the investment advisory council established pursuant to such section.
Footnotes
Legislative history
Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.
Pub. L. 106–200 title I § 123 · 114 Stat. 251
Enacted · 19 U.S.C. § 3733
(Pub. L. 106–200, title I, § 123, May 18, 2000, 114 Stat. 269.)
Source evidence
Code source credit
(Pub. L. 106–200, title I, § 123, May 18, 2000, 114 Stat. 269.)Enacted provision · exact public law section
SEC. 123. OVERSEAS PRIVATE INVESTMENT CORPORATION INITIATIVES. (a) Initiation of Funds.— It is the sense of the Congress that the Overseas Private Investment Corporation should exercise the authorities it has to initiate an equity fund or equity funds in support of projects in the countries in sub-Saharan Africa, in addition to the existing equity fund for sub-Saharan Africa created by the Corporation. (b) Structure and Types of Funds.— (1) Structure.— Each fund initiated under subsection (a) should be structured as a partnership managed by professional private sector fund managers and monitored on a continuing basis by the Corporation. (2) Capitalization.— Each fund should be capitalized with a combination of private equity capital, which is not guaranteed by the Corporation, and debt for which the Corporation provides guaranties. (3) Infrastructure fund.— One or more of the funds, with combined assets of up to $500,000,000, should be used in support of infrastructure projects in countries of sub-Saharan Africa. (4) Emphasis.— The Corporation shall ensure that the funds are used to provide support in particular to women entrepreneurs and to innovative investments that expand opportunities for women and maximize employment opportunities for poor individuals. (c) Overseas Private Investment Corporation.— (1) Investment advisory council.— Section 233 of the 22 USC 2193. Foreign Assistance Act of 1961 is amended by adding at the end the following: “(e) Investment Advisory Council.— The Board shall take prompt measures to increase the loan, guarantee, and insurance programs, and financial commitments, of the Corporation in sub-Saharan Africa, including through the use of an investment advisory council to assist the Board in developing and implementing policies, programs, and financial instruments with respect to sub-Saharan Africa. In addition, the investment advisory council shall make recommendations to the Board on how the Corporation can facilitate greater support by the United States for trade and investment Termination date. with and in sub-Saharan Africa. The investment advisory council shall terminate 4 years after the date of the enactment of this subsection.”. (2) Reports to congress.— Within 6 months after the date of the enactment of this Act, and annually for each of the 4 years thereafter, the Board of Directors of the Overseas Private Investment Corporation shall submit to Congress a report on the steps that the Board has taken to implement section 233(e) of the Foreign Assistance Act of 1961 (as added by paragraph (1)) and any recommendations of the investment advisory council established pursuant to such section.
1 of 1 references resolved to an enrolled provision
Editorial Notes
References in Text
Section 2193(e) of title 22, referred to in subsec. (c)(2), was repealed by Pub. L. 115–254, div. F, title VI, § 1464(2), , 132 Stat. 3513.
Codification
Section is comprised of section 123 of Pub. L. 106–200. Subsec. (c)(1) of section 123 of Pub. L. 106–200 amended section 2193 of Title 22, Foreign Relations and Intercourse.
Statutory Notes and Related Subsidiaries
Transfer of Functions
For transfer of functions, personnel, assets, and liabilities of the Overseas Private Investment Corporation to the United States International Development Finance Corporation and treatment of related references, see sections 9683 and 9686(d) of Title 22, Foreign Relations and Intercourse.