Enterprise for the Americas Initiative Act of 1990

Summary

Enterprise for the Americas Initiative Act of 1990 - Title I: Provisions Relating to the Enterprise for the Americas Investment Fund at the Inter-American Development Bank - Authorizes the Secretary of the Treasury to contribute a grant to the Enterprise for the Americas Investment Fund to be administered by the Inter-American Development Bank (IDB). Authorizes appropriations. Requires the Fund to: (1) provide grants to advance market-oriented policy initiatives and reforms to encourage investment in Latin America and the Caribbean; and (2) finance technical assistance for privatizing government-owned industries, business infrastructure, and worker training and education programs. Permits the Secretary to seek contributions to the Fund from other countries. Title II: Enterprise for the Americas Facility - Establishes in the Department of the Treasury the Enterprise for the Americas Facility to support market-oriented reform and economic growth in Latin America and the Caribbean to promote debt reduction, investment reforms, and environmental protection. Makes eligible for such benefits Latin American or Caribbean countries that: (1) have in effect or have received approval for specified International Monetary Fund arrangements and structural or sectoral adjustment loans from the International Bank for Reconstruction and Development or the International Development Association; (2) have put in place major investment reforms in conjunction with an IDB loan or are implementing an open investment regime; and (3) have agreed with commercial bank lenders on a financing program for debt or debt service reduction. Title III: Debt Reduction - Authorizes the President to reduce the amount owed to the United States (as a result of assistance made pursuant to the Foreign Assistance Act of 1961 or the Agricultural Trade Development and Assistance Act of 1954) by any country eligible for Facility benefits. Sets forth requirements with respect to the exchange of obligations, repayment of principal, and interest on new obligations issued by eligible countries. Title IV: Enterprise for the Americas Environmental Funds - Requires eligible countries to establish Enterprise for the Americas Environmental Funds to receive payments in local currency for interest on new obligations issued by eligible countries. Authorizes the President to enter into an environmental framework agreement with countries eligible for Facility benefits concerning the operation and use of Environmental Funds. Encourages the involvement of local environmental or conservation organizations in negotiations concerning such agreements. Title V: Sales, Reductions, or Cancellations of Loans or Assets - Authorizes the President to: (1) sell to any eligible purchaser any loan of an eligible country made pursuant to the Export-Import Bank Act of 1945; (2) sell to any eligible purchaser any asset acquired by the Commodity Credit Corporation in connection with export sales to an eligible country or specified export credit guarantee programs; and (3) reduce or cancel any loans or assets made or acquired before 1990 upon receipt of payment from an eligible purchaser. Permits loans or assets to be sold only to purchasers who present plans to the President for using such loans or assets to engage in debt-for-equity or debt-for-nature swaps. Authorizes loans or assets to be reduced or canceled only for purposes of facilitating such swaps. Title VI: Reports - Directs the President to report annually to the Speaker of the House and the President of the Senate on the Facility.

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Timeline

1. 17 September 1990

   Introduced

   Read twice and referred to the Committee on Foreign Relations.

   Source: IntroReferral

2. 17 September 1990

   Introduced

   Introduced in Senate

   Source: IntroReferral

3. 27 September 1990

   Committee

   Committee on Foreign Relations. Hearings held.

   Source: Committee

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · undated · Official file

Documents

2 official files

• Introduced in Senate (text)

  Introduced in Senate · EN

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 17 September 1990

  Open at official source

Sponsors

• Sen. Pell, Claiborne [D-RI] · D · Sponsor
• · ssfr00 · Standing

Related records

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