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19 U.S.C. § 3733 — Overseas Private Investment Corporation initiatives

submitted 26 years ago by Pub. L. 106-200 to r/title-19-CUSTOMS-DUTIES · 259 words · no verdicts yet

in plain englishAI-generated · not legal advice

This section states Congress’s view that OPIC should create additional equity funds for sub-Saharan Africa. It recommends their structure, capitalization, uses, priorities, and reports.

(a) Congress believes OPIC should use its authority to start equity funds supporting sub-Saharan African projects, in addition to its existing fund. (b)(1) Each should be a partnership managed by private-sector professionals and continuously monitored by OPIC. (2) It should combine non-guaranteed private equity with debt guaranteed by OPIC. (3) One or more funds, with combined assets up to $500,000,000, should support African infrastructure. (4) OPIC must ensure support especially for women entrepreneurs and innovative investments expanding women’s opportunities and maximizing jobs for poor people. (c)(1) Omitted. (2) Within 6 months after May 18, 2000, and annually for the next 4 years, OPIC’s Board must report to Congress on steps implementing title 22 section 2193(e) and investment advisory council recommendations.
the actual law source: uscode.house.gov ↗public domain
(a) Initiation of funds

It is the sense of the Congress that the Overseas Private Investment Corporation 1 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) 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 1 shall submit to Congress a report on the steps that the Board has taken to implement section 2193(e) 2 of title 22 and any recommendations of the investment advisory council established pursuant to such section.

Source credit: (Pub. L. 106–200, title I, § 123, May 18, 2000, 114 Stat. 269.)

history & why it existsrecord from the source credit
  • 2000Enacted · Pub. L. 106-200 · 114 Stat. 269

A history note hasn’t been published yet. The record shows enactment by Pub. L. 106-200 on 2000-05-18.

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