The President is authorized to establish a United States Microfinance Loan Facility (in this section referred to as the "Facility") to pool and manage the risk from natural disasters, war or civil conflict, national financial crisis, or short-term financial movements that threaten the long-term development of United States-supported financial intermediaries.
The Administrator shall make disbursements from the Facility to United States-supported financial intermediaries to prevent the bankruptcy of such institutions caused by—
(A) natural disasters;
(B) national wars or civil conflict; or
(C) national financial crisis or other short-term financial movements that threaten the long-term development of United States-supported financial intermediaries.
Assistance under this section shall be in the form of loans or loan guarantees for financial intermediaries that demonstrate the capacity to resume self-sustained operations within a reasonable time period.
During each of the fiscal years 2005 through 2009, funds may not be made available from the Facility until 15 days after notification of the proposed availability of the funds has been provided to the congressional committees specified in
In providing the credit assistance authorized by this section, the Administrator should apply, as appropriate, the policy provisions in subchapter I of this chapter that are applicable to development assistance activities.
The provisions of
Assistance may be provided under this section without regard to
Credit assistance provided under this section shall be offered on such terms and conditions, including fees charged, as the Administrator may determine.
The principal amount of loans made or guaranteed under this section in any fiscal year, with respect to any single event, may not exceed $30,000,000.
No payment may be made under any guarantee issued under this section for any loss arising out of fraud or misrepresentation for which the party seeking payment is responsible.
All guarantees issued under this section shall constitute obligations, in accordance with the terms of such guarantees, of the United States of America, and the full faith and credit of the United States of America is hereby pledged for the full payment and performance of such obligations to the extent of the guarantee.
Of the amounts made available to carry out subchapter I of this chapter for each of the fiscal years 2005 through 2009, such sums as may be necessary may be made available for—
(A) the subsidy cost, as defined in
(B) the administrative costs to carry out this section.
Amounts made available under paragraph (1) are in addition to amounts available under any other provision of law to carry out this section.
(
Section was formerly classified to
A prior section 2213,
2019—Subsec. (a).
Subsec. (b)(1).
Subsec. (b)(2).
2004—Subsec. (b)(3). Pub. L. 108—484, §5(c)(2)(A), substituted "2005 through 2009" for "2001 and 2002".
Subsec.(d)(1). Pub. L. 108—484, §5(c)(2)(B), substituted "for each of the fiscal years 2005 through 2009, such sums as may be necessary" for "for the fiscal year 2001, up to $5,000,000".
Subsec. (e).
References to subchapter I of this chapter are deemed to include parts IV (§2346 et seq.), VI (§2348 et seq.), and VIII (§2349aa et seq.) of subchapter II of this chapter, and references to subchapter II are deemed to exclude such parts. See section 202(b) of