(a) In generalThe 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 ruleThe requirements of subsection (a) 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) LimitationNot more than an aggregate of $5,000,000 in grants may be made under this subsection.
(Pub. L. 103–182, title V, § 546, as added Pub. L. 108–215, § 1(b), Apr. 5, 2004, 118 Stat. 579; amended Pub. L. 116–113, title VI, § 601, Jan. 29, 2020, 134 Stat. 78; Pub. L. 116–260, div. O, title VI, § 601(a)(1), (2), Dec. 27, 2020, 134 Stat. 2149.)
Editorial Notes
Amendments2020—Pub. L. 116–260, § 601(a)(1), (2), provided that section 601 of Pub. L. 116–113 does not apply to this section and revived the provisions of this section as if such section 601 had not been enacted. See below.
Pub. L. 116–113, § 601, which repealed this section effective on the date the USMCA entered into force (July 1, 2020), was made inapplicable to this section by section 601(a)(1), (2) of Pub. L. 116–260.
Statutory Notes and Related Subsidiaries
Effective Date of 2020 AmendmentAmendment by Pub. L. 116–260 effective July 1, 2020, see section 601(h) of div. O of Pub. L. 116–260, set out as a note under section 81c of Title 19, Customs Duties.