{"identifier":"/us/usc/t22/s2182a","title":22,"num":"\u00a7\u202f2182a.","heading":"Agricultural and productive credit and self-help community development programs","text":"\u00a7\u202f2182a.\nAgricultural and productive credit and self-help community development programs\n(a)\nFinancing pilot programs; scope\nIt is the sense of the Congress that in order to stimulate the participation of the private sector in the economic development of less-developed countries, the authority conferred by this section should be used to establish pilot programs to encourage private banks, credit institutions, similar private lending organizations, cooperatives, and private nonprofit development organizations to make loans on reasonable terms to organized groups and individuals residing in a community for the purpose of enabling such groups and individuals to carry out agricultural credit and self-help community development projects for which they are unable to obtain financial assistance on reasonable terms. Agricultural credit and assistance for self-help community development projects should include, but not be limited to, material and such projects as wells, pumps, farm machinery, improved seed, fertilizer, pesticides, vocational training, food industry development, nutrition projects, improved breeding stock for farm animals, sanitation facilities, and looms and other handicraft aids.\n(b)\nGuaranties; percentage limitation\nTo carry out the purposes of subsection (a), the agency primarily responsible for administering subchapter I of this chapter is authorized to issue guaranties, on such terms and conditions as it shall determine, to private lending institutions, cooperatives, and private nonprofit development organizations assuring against loss of not to exceed 50 per centum of the portfolio of such loans made by any lender to organized groups or individuals residing in a community to enable such groups or individuals to carry out agricultural credit and self-help community development projects for which they are unable to obtain financial assistance on reasonable terms. In no event shall the liability of the United States exceed 75 per centum of any one loan.\n(c)\nTotal and individual amount of guaranties\nThe total face amount of guaranties issued under this section outstanding at any one time shall not exceed $20,000,000. Not more than 10 per centum of such sum shall be provided for any one institution, cooperative, or organization.\n(d)\nInter-American Foundation consultations\nThe Inter-American Foundation shall be consulted in developing criteria for making loans eligible for guaranty coverage in Latin America under this section.\n(e)\nGuaranty reserve\nNot to exceed $3,000,000 of the guaranty reserve established under\nsection 2183(b) of this title\n1\n1 See References in Text note below.\n(f)\nAdministrative and operating expenses; funds\nFunds held by the Overseas Private Investment Corporation pursuant to section 2196\n1\nJune 30, 1976\n(g)\nTransfer of Overseas Private Investment Corporation\u2019s obligations and assets\nThe Overseas Private Investment Corporation shall, upon enactment of this subsection, transfer to the agency primarily responsible for administering subchapter I of this chapter all obligations, assets, and related rights and responsibilities arising out of, or related to the predecessor program provided for in section 2200\n1\n(h)\nTermination of authority\nThe authority of this section shall continue through\nSeptember 30, 1988\n(i)\nExcess foreign currencies; use\nNotwithstanding the limitation in subsection (c) of this section, foreign currencies owned by the United States and determined by the Secretary of the Treasury to be excess to the needs of the United States may be utilized to carry out the purposes of this section, including the discharge of liabilities under this subsection. The authority conferred by this subsection shall be in addition to authority conferred by any other provision of law to implement guaranty programs utilizing excess local currency.","url":"https://projectusc.org/usc/t22/s2182a.html","content":[{"t":"sec","id":"/us/usc/t22/s2182a","children":[{"t":"num","text":"\u00a7\u202f2182a."},{"t":"heading","text":"Agricultural and productive credit and self-help community development programs"},{"t":"subsec","id":"/us/usc/t22/s2182a/a","children":[{"t":"num","text":"(a)"},{"t":"heading","text":"Financing pilot programs; scope"},{"t":"content","children":[{"t":"p","text":"It is the sense of the Congress that in order to stimulate the participation of the private sector in the economic development of less-developed countries, the authority conferred by this section should be used to establish pilot programs to encourage private banks, credit institutions, similar private lending organizations, cooperatives, and private nonprofit development organizations to make loans on reasonable terms to organized groups and individuals residing in a community for the purpose of enabling such groups and individuals to carry out agricultural credit and self-help community development projects for which they are unable to obtain financial assistance on reasonable terms. Agricultural credit and assistance for self-help community development projects should include, but not be limited to, material and such projects as wells, pumps, farm machinery, improved seed, fertilizer, pesticides, vocational training, food industry development, nutrition projects, improved breeding stock for farm animals, sanitation facilities, and looms and other handicraft aids.","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"subsec","id":"/us/usc/t22/s2182a/b","children":[{"t":"num","text":"(b)"},{"t":"heading","text":"Guaranties; percentage limitation"},{"t":"content","children":[{"t":"p","text":"To carry out the purposes of subsection (a), the agency primarily responsible for administering subchapter I of this chapter is authorized to issue guaranties, on such terms and conditions as it shall determine, to private lending institutions, cooperatives, and private nonprofit development organizations assuring against loss of not to exceed 50 per centum of the portfolio of such loans made by any lender to organized groups or individuals residing in a community to enable such groups or individuals to carry out agricultural credit and self-help community development projects for which they are unable to obtain financial assistance on reasonable terms. In no event shall the liability of the United States exceed 75 per centum of any one loan.","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"subsec","id":"/us/usc/t22/s2182a/c","children":[{"t":"num","text":"(c)"},{"t":"heading","text":"Total and individual amount of guaranties"},{"t":"content","children":[{"t":"p","text":"The total face amount of guaranties issued under this section outstanding at any one time shall not exceed $20,000,000. Not more than 10 per centum of such sum shall be provided for any one institution, cooperative, or organization.","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"subsec","id":"/us/usc/t22/s2182a/d","children":[{"t":"num","text":"(d)"},{"t":"heading","text":"Inter-American Foundation consultations"},{"t":"content","children":[{"t":"p","text":"The Inter-American Foundation shall be consulted in developing criteria for making loans eligible for guaranty coverage in Latin America under this section.","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"subsec","id":"/us/usc/t22/s2182a/e","children":[{"t":"num","text":"(e)"},{"t":"heading","text":"Guaranty reserve"},{"t":"content","children":[{"t":"p","text":"Not to exceed $3,000,000 of the guaranty reserve established under ","children":[{"t":"ref","text":"section 2183(b) of this title","href":"/us/usc/t22/s2183/b","tail":" shall be available to make such payments as may be necessary to discharge liabilities under guaranties issued under this section or any guaranties previously issued under section 2200\u202f"},{"t":"ref","text":"1"},{"t":"num","text":"1","tail":"\u202fSee References in Text note below."},{"t":"text","text":"\u202fSee References in Text note below.","tail":" of this title."}],"tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"subsec","id":"/us/usc/t22/s2182a/f","children":[{"t":"num","text":"(f)"},{"t":"heading","text":"Administrative and operating expenses; funds"},{"t":"content","children":[{"t":"p","text":"Funds held by the Overseas Private Investment Corporation pursuant to section 2196\u202f","children":[{"t":"text","text":"1","tail":" of this title may be available for meeting necessary administrative and operating expenses for carrying out the provisions of this section through "},{"t":"text","text":"June 30, 1976","tail":"."}],"tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"subsec","id":"/us/usc/t22/s2182a/g","children":[{"t":"num","text":"(g)"},{"t":"heading","text":"Transfer of Overseas Private Investment Corporation\u2019s obligations and assets"},{"t":"content","children":[{"t":"p","text":"The Overseas Private Investment Corporation shall, upon enactment of this subsection, transfer to the agency primarily responsible for administering subchapter I of this chapter all obligations, assets, and related rights and responsibilities arising out of, or related to the predecessor program provided for in section 2200\u202f","children":[{"t":"text","text":"1","tail":" of this title."}],"tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"subsec","id":"/us/usc/t22/s2182a/h","children":[{"t":"num","text":"(h)"},{"t":"heading","text":"Termination of authority"},{"t":"content","children":[{"t":"p","text":"The authority of this section shall continue through ","children":[{"t":"text","text":"September 30, 1988","tail":"."}],"tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"subsec","id":"/us/usc/t22/s2182a/i","children":[{"t":"num","text":"(i)"},{"t":"heading","text":"Excess foreign currencies; use"},{"t":"content","children":[{"t":"p","text":"Notwithstanding the limitation in subsection (c) of this section, foreign currencies owned by the United States and determined by the Secretary of the Treasury to be excess to the needs of the United States may be utilized to carry out the purposes of this section, including the discharge of liabilities under this subsection. The authority conferred by this subsection shall be in addition to authority conferred by any other provision of law to implement guaranty programs utilizing excess local currency.","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"text","text":"\n"},{"t":"text","text":"\n"}]}]}