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United States Code (Last Updated: May 24, 2014) |
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Title 22. FOREIGN RELATIONS AND INTERCOURSE |
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Chapter 7. INTERNATIONAL BUREAUS, CONGRESSES, ETC. |
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SubChapter XXVIII. NORTH AMERICAN DEVELOPMENT BANK AND RELATED PROVISIONS |
§ 290m–5. Grants out of paid-in capital resources
Latest version.
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(a) In general The President shall instruct the United States Federal Government representatives on the Board of Directors of the North American Development Bank to oppose any proposal where grants out of the Bank’s paid-in capital resources, except for grants from paid-in capital authorized for the community adjustment and investment program under the Bank’s charter of 1993, would— (1) be made to a project that is not being financed, in part, by loans; or (2) account for more than 50 percent of the financing of any individual project. (b) Exception (1) General rule The requirements of subsection (a) of this section shall not apply in cases where— (A) the President determines there are exceptional economic circumstances for making the grant and consults with the Committee on Foreign Relations of the Senate and the Committee on Financial Services of the House of Representatives; or (B) (i) the grant is being made for a project that is so small that obtaining a loan is impractical; and (ii) the grant does not exceed $250,000. (2) Limitation Not more than an aggregate of $5,000,000 in grants may be made under this subsection.