Multilateral Investment Guarantee Agency Act

Summary

Title I: International Development Association - Amends the International Development Association Act to authorize the U.S. Governor to agree to pay on behalf of the United States to the International Development Association $2,875,000,000 to the eighth replenishment of the resources of the Association. Authorizes appropriations for such contribution. Title II: Asian Development Fund - Amends the Asian Development Bank Act to authorize the U.S. Governor of the Asian Development Bank to contribute on behalf of the United States $584,280,000 to the Asian Development Fund. Authorizes appropriations for such contribution. Title III: African Development Bank - Amends the African Development Bank Act to authorize the U.S. Governor of the African Development Bank to agree to subscribe on behalf of the U.S. to 59,648 shares of the capital stock of the Bank. Authorizes appropriations of $719,563,648 for such subscription. Title IV: Multilateral Investment Guarantee Agency - Multilateral Investment Guarantee Agency Act - Authorizes the President to accept membership for the United States in the Multilateral Investment Guarantee Agency provided for by the Convention Establishing the Multilateral Investment Guarantee Agency deposited in the archives of the International Bank for Reconstruction and Development. Provides that the Governor and Alternate Governor of the Bank shall serve as Governor and Alternate Governor, respectively, of the Agency. Provides that certain provisions of the Bretton Woods Agreements Act shall apply with respect to the Agency to the same extent as with respect to the Bank and the International Monetary Fund. Prohibits the President or any person or agency, unless authorized by law, from: (1) subscribing to additional shares of stock in the Agency; (2) voting for or agreeing to any amendment of the Convention which increases the obligations of the United States, or which changes the purpose or functions of the Agency; or (3) making a loan or providing other financing to the Agency. Requires any Federal Resource Bank that is requested to do so by the Agency to act as its depository or as its fiscal agent. Requires the Board of Governors of the Federal Reserve System to supervise and direct the carrying out of these functions by the Federal Reserve banks. Authorizes the Secretary of the Treasury to subscribe on behalf of the United States to 20,519 shares of the capital stock of the Agency. Authorizes appropriations of $222,015,580 for such subscription. Provides that any payment of dividends of such stock shall be deposited into the Treasury as a miscellaneous receipt. Sets forth the jurisdiction of U.S. courts regarding civil actions to which the Agency may be a party. Sets forth procedures regarding arbitral awards rendered to resolve disputes arising under the Convention. Gives full force and effect within the United States, its territories, and possessions to defined privileges and immunities accorded under the Convention to the Agency. Title V: Inter-American Development Bank - Amends the Inter-American Development Bank Act to authorize the U.S. Governor of the Inter-American Development Bank to agree to and to accept the amendments to the Articles of Agreement in the proposed resolution entitled "Merger of Interregional and Ordinary Capital Resources."

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1 official file

• Introduced in Senate

  summary · EN · 12 March 1987

  Open at official source

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