22 USC 262o - Negotiations concerning replenishment or increase in capital; annual reports on implementation of lending policy goals

U.S Code last checked for updates: Nov 22, 2024

§ 262o.

Negotiations concerning replenishment or increase in capital; annual reports on implementation of lending policy goals

(a)

In any negotiations concerning replenishment or an increase in capital for any multilateral development bank, the Secretary of the Treasury shall propose, as a principal point for negotiations, the following institutional reforms:

(1)

The establishment of a unified program within each multilateral development bank to assess the extent to which bank lending benefits the least advantaged members of society, particularly women and the poor, and to increase the extent to which such members benefit from future bank lending.

(2)

The establishment of an office or other administrative procedures within each multilateral development bank to—

(A)

provide in-country liaison services for nongovernmental organizations operating at the community level;

(B)

monitor the impact of project and nonproject lending on local populations; and

(C)

ensure compliance with loan conditionalities, especially loan conditionalities relating to the protection of the quality of life of the poor and the rights of aboriginal minorities.

(3)

A major increase in the number of members of the professional staff of each regional multilateral development bank with training in environmental or social impact analysis or natural science, including—

(A)

recruitment of additional permanent professional staff; and

(B)

training programs for existing staff members in these subject areas.

(4)

With respect to the International Bank for Reconstruction and Development, the establishment of a program for policy-based lending to promote the sustainable use of renewable resources and the protection of the environment in borrowing countries.

(5)

An increase in the length of any review period established by any multilateral development bank for board review of staff recommendations by such time as would be sufficient to allow the governments of member countries to review and comment on the staff recommendations before any action is taken by the board of directors of such bank on the recommendations.

(b)

The Secretary of the Treasury shall instruct the United States Executive Director of each multilateral development bank to request the management of such bank to prepare an annual report which identifies and describes the most exemplary lending practices or loan components implemented during the preceding year with respect to each of the following lending policy goals for each major borrowing country or country group:

(1)

Benefit to the poor.

(2)

Involvement of nongovernmental organizations and local and indigenous populations in loan design, implementation, planning, and monitoring.

(3)

Integration of, consideration of, and concern for environmental quality and the sustainable use of natural resources into loan design, implementation, planning, and monitoring.

(4)

Recognition of and support for the economic and social development of women.

(Pub. L. 95–118, title XV, § 1501, as added Pub. L. 100–202, § 101(e) [title I], Dec. 22, 1987, 101 Stat. 1329–131, 1329–134.)

cite as: 22 USC 262o