SEC. 808.1252 AUTHORITY TO ENGAGE IN DEBT-FOR-NATURE SWAPS AND DEBT BUYBACKS. (a) LOANS AND CREDITS ELIGIBLE FOR SALE, REDUCTION, OR CANCELLATION. (1) DEBT-FOR-NATURE SWAPS. (A) IN GENERAL.-Notwithstanding any other provision of law, the President may, in accordance with this section, sell to any eligible purchaser described in subparagraph (B) any concessional loans described in section 806(a)(1) or any credits described in section 807(a)(1), or on receipt of payment from an eligible purchaser described in subparagraph (B), reduce or cancel such loans (or credits) or portion thereof, only for the purpose of facilitating a debt-fornature swap to support eligible activities described in section 809(d). (B) ELIGIBLE PURCHASER DESCRIBED.-A loan or credit may be sold, reduced, or canceled under subparagraph (A) only to a purchaser who presents plans satisfactory to the President for using the loan or credit for the purpose of engaging in debt-for-nature swaps to support eligible activities described in section 809(d). (C) CONSULTATION REQUIREMENT.-Before the sale under subparagraph (A) to any eligible purchaser described in subparagraph (B), or any reduction or cancellation under such subparagraph (A), of any loan or credit made to an eligible country, the President shall consult with the country concerning the amount of loans or credits to be sold, reduced, or canceled and their uses for debt-for-nature swaps to support eligible activities described in section 809(d). (D) AUTHORIZATION OF APPROPRIATIONS.-For the cost (as defined in section 502(5) of the Federal Credit Reform Act of 1990) for the reduction of any debt pursuant to subparagraph (A), amounts authorized to be appropriated under sections 806(a)(2), 807(a)(2), and 806(d) 1253 shall be made available for such reduction of debt pursuant to subparagraph (A). (2) DEBT BUYBACKS.-Notwithstanding any other provision of law, the President may, in accordance with this section, sell to any eligible country any concessional loans described in section. 806(a)(1) or any credits described in section 807(a)(1), or on receipt of payment from an eligible country, reduce or cancel such loans (or credits) or portion thereof, only for the purpose of facilitating a debt buyback by an eligible country of its own qualified debt, only if the eligible country uses an additional amount of the local currency of the eligible country, equal to not less than the lessor of 40 percent of the price paid for such debt by such eligible country, or the difference between the price paid for such debt and the face value of such debt, to support eligible activities described in section 809(d). 1252 22 U.S.C. 2431f. 1253 Sec. 2(b) of Public Law 107-26 (115 Stat. 206) struck out "to appropriated under sections 806(a)(2) and 807(a)(2)" and inserted in lieu thereof "to be appropriated under sections 806(a)2), 807(a)(2), and 806(d)". (3) LIMITATION.-The authority provided by paragraphs (1) and (2) shall be available only to the extent that appropriations for the cost (as defined in section 502(5) of the Federal Credit Reform Act of 1990) of the modification of any debt pursuant to such paragraphs are made in advance. (4) TERMS AND CONDITIONS.-Notwithstanding any other provision of law, the President shall, in accordance with this section, establish the terms and conditions under which loans and credits may be sold, reduced, or canceled pursuant to this section. (5) ADMINISTRATION. (A) IN GENERAL.-The Facility shall notify the administrator of the agency primarily responsible for administering part I of this Act or the Commodity Credit Corporation, as the case may be, of eligible purchasers described in paragraph (1)(B) that the President has determined to be eligible under paragraph (1), and shall direct such agency or Corporation, as the case may be, to carry out the sale, reduction, or cancellation of a loan pursuant to such paragraph. (B) ADDITIONAL REQUIREMENT.-Such agency or Corporation, as the case may be, shall make an adjustment in its accounts to reflect the sale, reduction, or cancellation. (b) DEPOSIT OF PROCEEDS.-The proceeds from the sale, reduction, or cancellation of any loan sold, reduced, or canceled pursuant to this section shall be deposited in the United States Government account or accounts established for the repayment of such loan. SEC. 809.1254 TROPICAL FOREST AGREEMENT. (a) AUTHORITY. (1) IN GENERAL.-The Secretary of State is authorized, in consultation with other appropriate officials of the Federal Government, to enter into a Tropical Forest Agreement with any eligible country concerning the operation and use of the Fund for that country. (2) CONSULTATION.-In the negotiation of such an Agreement, the Secretary shall consult with the Board in accordance with section 811. (b) CONTENTS OF AGREEMENT.-The requirements contained in section 708(b) of this Act (relating to contents of an agreement) shall apply to an Agreement in the same manner as such requirements apply to an Americas Framework Agreement. (c) ADMINISTERING BODY. (1) IN GENERAL.-Amounts disbursed from the Fund in each beneficiary country shall be administered by a body constituted under the laws of that country. (2) COMPOSITION. (A) IN GENERAL.-The administering body shall consist of (i) one or more individuals appointed by the United States Government; (ii) one or more individuals appointed by the government of the beneficiary country; and 1254 22 U.S.C. 2431g. (iii) individuals who represent a broad range of- (II) local community development nongovernmental organizations of the beneficiary country; and (III) scientific, academic, or forestry organizations of the beneficiary country. (B) ADDITIONAL REQUIREMENT.-A majority of the members of the administering body shall be individuals described in subparagraph (A)(iii). (3) RESPONSIBILITIES.-The requirements contained in section 708(c)(3) of this Act (relating to responsibilities of the administering body) shall apply to an administering body described in paragraph (1) in the same manner as such requirements apply to an administering body described in section 708(c)(1) of this Act. (d) ELIGIBLE ACTIVITIES. — Amounts deposited in a Fund shall be used only to provide grants to conserve, maintain, and restore the tropical forests in the beneficiary country, through one or more of the following activities: (1) Establishment, restoration, protection, and maintenance of parks, protected areas, and reserves. (2) Development and implementation of scientifically sound systems of natural resource management, including land and ecosystem management practices. (3) Training programs to increase the scientific, technical, and managerial capacities of individuals and organizations involved in conservation efforts. (4) Restoration, protection, or sustainable use of diverse animal and plant species. (5) Research and identification of medicinal uses of tropical forest plant life to treat human diseases, illnesses, and health related concerns. (6) Development and support of the livelihoods of individuals living in or near a tropical forest in a manner consistent with protecting such tropical forest. (e) GRANT RECIPIENTS. (1) IN GENERAL. — Grants made from a Fund shall be made to (A) nongovernmental environmental, forestry, conservation, and indigenous peoples organizations of, or active in, the beneficiary country; (B) other appropriate local or regional entities of, or active in, the beneficiary country; or (C) in exceptional circumstances, the government of the beneficiary country. (2) PRIORITY.-In providing grants under paragraph (1), priority shall be given to projects that are run by nongovernmental organizations and other private entities and that involve local communities in their planning and execution. (f) REVIEW OF LARGER GRANTS.-Any grant of more than $100,000 from a Fund shall be subject to veto by the Government of the United States or the government of the beneficiary country. (g) ELIGIBILITY CRITERIA.-In the event that a country ceases to meet the eligibility requirements set forth in section 805(a), as determined by the President pursuant to section 805(b), then grants from the Fund for that country may only be made to nongovernmental organizations until such time as the President determines that such country meets the eligibility requirements set forth in section 805(a). SEC. 810.1255 TROPICAL FOREST FUND. (a) ESTABLISHMENT.-Each beneficiary country that enters into a Tropical Forest Agreement under section 809 shall be required to establish a Tropical Forest Fund to receive payments of interest and principal 1256 on new obligations undertaken by the beneficiary country under this part. (b) REQUIREMENTS RELATING TO OPERATION OF FUND.-The following terms and conditions shall apply to the Fund in the same manner as such terms as conditions apply to an Enterprise for the Americas Fund under section 707 of this Act: (1) The provision relating to deposits under subsection (b) of such section. (2) The provision relating to investments under subsection (c) of such section. (3) The provision relating to disbursements under subsection (d) of such section. SEC. 811.1257 BOARD. (a) ENTERPRISE FOR THE AMERICAS BOARD.-The Enterprise for the Americas Board established under section 610(a) of the Agricultural Trade Development and Assistance Act of 1954 (7 U.S.C. 17381(a)) shall, in addition to carrying out the responsibilities of the Board under section 610(c) of such Act, carry out the duties described in subsection (c) of this section for the purposes of this part. (b) ADDITIONAL MEMBERSHIP. (1) IN GENERAL.-The Enterprise for the Americas Board shall be composed of an additional four members appointed by the President as follows: (A) Two representatives from the United States Government, including a representative of the International Forestry Division of the United States Forest Service. (B) Two representatives from private nongovernmental environmental, scientific, forestry, or academic organizations with experience and expertise in preservation, maintenance, sustainable uses, and restoration of tropical forests. (2) CHAIRPERSON.-Notwithstanding section 610(b)(2) of the Agricultural Trade Development and Assistance Act of 1954 (7 U.S.C. 17381(b)(2)), the Enterprise for the Americas Board shall be headed by a chairperson who shall be appointed by the 1255 22 U.S.C. 2431h. 1256 Sec. 3(c) of Public Law 108-323 (118 Stat. 1219) inserted "and principal" after "interest". 1257 22 U.S.C. 2431i. President and shall be the representative from the Department of State appointed under section 610(b)(1)(A) of such Act". 1258 (c) DUTIES.-The duties described in this subsection are as follows: (1) Advise the Secretary of State on the negotiations of Tropical Forest Agreements. (2) Ensure, in consultation with (A) the government of the beneficiary country; (B) nongovernmental organizations of the beneficiary country; (C) nongovernmental organizations of the region (if appropriate); (D) environmental, scientific, forestry, and academic leaders of the beneficiary country; and (E) environmental, scientific, forestry, and academic leaders of the region (as appropriate), that a suitable administering body is identified for each Fund. (3) Review the programs, operations, and fiscal audits of each administering body. SEC. 812.1259 CONSULTATIONS WITH THE CONGRESS. The President shall consult with the appropriate congressional committees on a periodic basis to review the operation of the Facility under this part and the eligibility of countries for benefits from the Facility under this part. SEC. 813.1260 ANNUAL REPORTS TO THE CONGRESS. (a) IN GENERAL.-Not later than December 31 of each year, the President shall prepare and transmit to the Congress an annual report concerning the operation of the Facility for the prior fiscal year. Such report shall include (1) a description of the activities undertaken by the Facility during the previous fiscal year; (2) a description of any Agreement entered into under this part; (3) a report on any Funds that have been established under this part and on the operations of such Funds; and (4) a description of any grants that have been provided by administering bodies pursuant to Agreements under this part. (b) SUPPLEMENTAL VIEWS IN ANNUAL REPORT.-Not later than December 15 of each year, each member of the Board shall be entitled to receive a copy of the report required under subsection (a). Each member of the Board may prepare and submit supplemental views to the President on the implementation of this part by December 31 for inclusion in the annual report when it is transmitted to Congress pursuant to this section. 1268 Sec. 3 of Public Law 107-26 (115 Stat. 206) struck out "from among the representatives appointed under section 610(b)(1)(A) of such Act or paragraph (1)(A) of this subsection" and inserted in lieu thereof "and shall be the representative from the Department of State appointed under section 610(b)(1)(A) of such Act". 1259 22 U.S.C. 2431j. 1260 22 U.S.C. 2431k. |