§ 3733. — Overseas Private Investment Corporation initiatives.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 19USC3733]
TITLE 19--CUSTOMS DUTIES
CHAPTER 23--EXTENSION OF CERTAIN TRADE BENEFITS TO SUB-SAHARAN AFRICA
SUBCHAPTER III--ECONOMIC DEVELOPMENT RELATED ISSUES
Sec. 3733. 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) of this section 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) Omitted
(2) Reports to Congress
Within 6 months after May 18, 2000, 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 2193(e) of title
22 and any recommendations of the investment advisory council
established pursuant to such section.
(Pub. L. 106-200, title I, Sec. 123, May 18, 2000, 114 Stat. 269.)
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.
