22 USC 2431 - Conservation Fund

Collapse to view only § 2431h. Conservation Fund

§ 2431. Findings and purposes
§ 2431a. Definitions
§ 2431b. Establishment of Facility
§ 2431c. Eligibility for benefits
§ 2431d. Reduction of debt owed to United States as result of concessional loans under this chapter
§ 2431e. Reduction of debt owed to United States as result of credits extended under title I of Food for Peace Act
§ 2431f. Authority to engage in debt-for-nature swaps and debt buybacks
§ 2431g. Conservation Agreement
§ 2431h. Conservation Fund
§ 2431i. Board
§ 2431j. Consultations with Congress
§ 2431k. Annual reports to Congress

§ 2431. Findings and purposes

(a) FindingsThe Congress finds the following:

(1) It is the established policy of the United States to support and seek protection of tropical forests and coral reef ecosystems around the world.

(2) Tropical forests provide a wide range of benefits to humankind by—

(A) harboring a major share of the Earth’s biological and terrestrial resources, which are the basis for developing pharmaceutical products and revitalizing agricultural crops;

(B) playing a critical role as carbon sinks in reducing greenhouse gases in the atmosphere, thus moderating potential global climate change; and

(3) International negotiations and assistance programs to conserve forest resources have proliferated over the past decade, but the rapid rate of tropical deforestation continues unabated.

(4) Developing countries with urgent needs for investment and capital for development have allocated a significant amount of their forests to logging concessions.

(5) Poverty and economic pressures on the populations of developing countries have, over time, resulted in clearing of vast areas of forest for conversion to agriculture, which is often unsustainable in the poor soils underlying tropical forests.

(6) Debt reduction can reduce economic pressures on developing countries and result in increased protection for tropical forests and coral reef ecosystems.

(7) Finding economic benefits to local communities from sustainable uses of tropical forests and coral reef ecosystems is critical to the protection of such areas.

(b) PurposesThe purposes of this subchapter are—

(1) to recognize the values received by United States citizens from protection of tropical forests and coral reef ecosystems;

(2) to facilitate greater protection of tropical forests and coral ecosystems (and to give priority to protecting areas with the highest levels of biodiversity and under the most severe threat) by providing for the alleviation of debt in countries where tropical forests and coral reef ecosystems are located, thus allowing the use of additional resources to protect these critical resources and reduce economic pressures that have led to deforestation;

(3) to ensure that resources freed from debt in such countries are targeted to protection of tropical forests and coral reef ecosystems and their associated values; and

(4) to rechannel existing resources to facilitate the protection of tropical forests and coral reef ecosystems.

(Pub. L. 87–195, pt. V, § 802, as added Pub. L. 105–214, § 1, July 29, 1998, 112 Stat. 885; amended Pub. L. 115–440, § 3(a), Jan. 14, 2019, 132 Stat. 5580.)

§ 2431a. Definitions

As used in this subchapter:

(1) Administering body

(2) Appropriate congressional committees

The term “appropriate congressional committees” means—

(A) the Committee on International Relations and the Committee on Appropriations of the House of Representatives; and

(B) the Committee on Foreign Relations and the Committee on Appropriations of the Senate.

(3) Beneficiary country

(4) Board

(5) Developing country with a tropical forest or coral reef

The term “developing country with a tropical forest or coral reef” means—

(A)

(i) a country that has a per capita income of $725 or less in 1994 United States dollars (commonly referred to as “low-income country”), as determined and adjusted on an annual basis by the International Bank for Reconstruction and Development in its World Development Report; or

(ii) a country that has a per capita income of more than $725 but less than $8,956 in 1994 United States dollars (commonly referred to as “middle-income country”), as determined and adjusted on an annual basis by the International Bank for Reconstruction and Development in its World Development Report; and

(B) a country that contains at least one tropical forest or coral reef that is globally outstanding in terms of its biological diversity or represents one of the larger intact blocks of tropical forests or coral reefs left, on a regional, continental, or global scale.

(6) Eligible country

(7) Conservation Agreement

(8) Conservation Facility

(9) Conservation Fund

(10) Coral

The term “coral” means species of the phylum Cnidaria, including—

(A) all species of the orders Antipatharia (black corals), Scleractinia (stony corals), Alcyonacea (soft corals), Gorgonacea (horny corals), Stolonifera (organpipe corals and others), and Coenothecalia (blue coral), of the class Anthoza; 1

1 So in original. Probably should be “Anthozoa;”.

and

(B) all species of the order Hydrocorallina (fire corals and hydrocorals) of the class Hydrozoa.

(11) Coral reef

(12) Coral reef ecosystem

(Pub. L. 87–195, pt. V, § 803, as added Pub. L. 105–214, § 1, July 29, 1998, 112 Stat. 886; amended Pub. L. 115–440, §§ 3(b), 4(b), 8(e), 9(b)(1), Jan. 14, 2019, 132 Stat. 5581, 5583, 5584.)

§ 2431b. Establishment of Facility

There is established in the Department of the Treasury an entity to be known as the “Conservation Facility” for the purpose of providing for the administration of debt reduction in accordance with this subchapter.

(Pub. L. 87–195, pt. V, § 804, as added Pub. L. 105–214, § 1, July 29, 1998, 112 Stat. 887; amended Pub. L. 115–440, § 4(a), Jan. 14, 2019, 132 Stat. 5581.)

§ 2431c. Eligibility for benefits

(a) In generalTo be eligible for benefits from the Facility under this subchapter, a country shall be a developing country with a tropical forest or coral reef—

(1) whose government is democratically elected;

(2) whose government has not repeatedly provided support for acts of international terrorism;

(3) whose government is not failing to cooperate on international narcotics control matters;

(4) whose government (including its military or other security forces) does not engage in a consistent pattern of gross violations of internationally recognized human rights;

(5) that has in effect, has received approval for, or is making significant progress toward—

(A) an International Monetary Fund standby arrangement, extended Fund arrangement, or an arrangement under the structural adjustment facility or enhanced structural adjustment facility, or a Fund monitored program, or is implementing sound macroeconomic policies, unless the President determines that such an arrangement or program could reasonably be expected to have significant adverse social or environmental effect; and

(B) as appropriate, structural or sectoral adjustment loans from the International Bank for Reconstruction and Development or the International Development Association, unless the President determines that the resulting adjustment requirements could reasonably be expected to have significant adverse social or environmental effects;

(6) if appropriate, has 1

1 So in original. Probably should be preceded by “that”.

agreed with its commercial bank lenders on a satisfactory financing program, including, as appropriate, debt or debt service reduction; and

(7) that has put in place investment reforms, as evidenced by the conclusion of a bilateral investment treaty with the United States, implementation of an investment sector loan with the Inter-American Development Bank, World Bank-supported investment reforms, or other measures, as appropriate.

(b) Eligibility determinations

(1) In general

(2) Congressional notification

(Pub. L. 87–195, pt. V, § 805, as added Pub. L. 105–214, § 1, July 29, 1998, 112 Stat. 887; amended Pub. L. 107–26, § 1, Aug. 17, 2001, 115 Stat. 206; Pub. L. 115–440, § 5, Jan. 14, 2019, 132 Stat. 5582.)

§ 2431d. Reduction of debt owed to United States as result of concessional loans under this chapter

(a) Authority to reduce debt

(1) Authority

(2) Authorization of appropriationsFor the cost (as defined in section 661a(5) of title 2) for the reduction of any debt pursuant to this section, there are authorized to be appropriated to the President—

(A) $25,000,000 for fiscal year 1999;

(B) $75,000,000 for fiscal year 2000; and

(3) Certain prohibitions inapplicable

(A) In general

(B) Additional requirement

(b) Implementation of debt reduction

(1) In general

(2) Exchange of obligations

(A) In general

(B) Additional requirement

(1) The following additional terms and conditions shall apply to the reduction of debt under subsection (a)(1) in the same manner as such terms and conditions apply to the reduction of debt under section 2430c(a)(1) of this title:

(A) The provisions relating to repayment of principal under section 2430d of this title.

(B) The provisions relating to interest on new obligations under section 2430e of this title.

(2) In addition to the application of the provisions relating to repayment of principal under section 2430d of this title to the reduction of debt under subsection (a)(1) (in accordance with paragraph (1)(A) of this subsection), repayment of principal on a new obligation established under subsection (b) may be made in the local currency of the beneficiary country and deposited in the Conservation Fund of the country in the same manner as the provisions relating to payment of interest on new obligations under section 2430e of this title.

(d) Authorization of appropriations for fiscal years after fiscal year 2001For the cost (as defined in section 661a(5) of title 2) for the reduction of any debt pursuant to this section or section 2431e of this title, there are authorized to be appropriated to the President the following:

(1) $50,000,000 for fiscal year 2002.

(2) $75,000,000 for fiscal year 2003.

(3) $100,000,000 for fiscal year 2004.

(4) $20,000,000 for fiscal year 2005.

(5) $25,000,000 for fiscal year 2006.

(6) $30,000,000 for fiscal year 2007.

(7) $20,000,000 for fiscal year 2019.

(8) $20,000,000 for fiscal year 2020.

(9) $20,000,000 for fiscal year 2023.

(10) $20,000,000 for fiscal year 2024.

(11) $20,000,000 for fiscal year 2025.

(12) $20,000,000 for fiscal year 2026.

(13) $20,000,000 for fiscal year 2027.

(e) Use of funds to conduct program audits, evaluations, monitoring, and administration

(Pub. L. 87–195, pt. V, § 806, as added Pub. L. 105–214, § 1, July 29, 1998, 112 Stat. 887; amended Pub. L. 107–26, § 2(a), Aug. 17, 2001, 115 Stat. 206; Pub. L. 108–323, §§ 1–3(a), Oct. 6, 2004, 118 Stat. 1218; Pub. L. 115–440, §§ 9(b)(2), 11, Jan. 14, 2019, 132 Stat. 5584; Pub. L. 117–263, div. E, title LV, § 5587, Dec. 23, 2022, 136 Stat. 3375.)

§ 2431e. Reduction of debt owed to United States as result of credits extended under title I of Food for Peace Act

(a) Authority to reduce debt

(1) Authority

(2) Authorization of appropriations

(A) In generalFor the cost (as defined in section 661a(5) of title 2) for the reduction of any debt pursuant to this section, there are authorized to be appropriated to the President—

(i) $25,000,000 for fiscal year 1999;

(ii) $50,000,000 for fiscal year 2000; and

(iii) $50,000,000 for fiscal year 2001.

(B) Limitation

(b) Implementation of debt reduction

(1) In general

(2) Exchange of obligations

(A) In general

(B) Additional requirement

(A) The provisions relating to repayment of principal under section 605 of such Act [7 U.S.C. 1738d].

(B) The provisions relating to interest on new obligations under section 606 of such Act [7 U.S.C. 1738e].

(2) In addition to the application of the provisions relating to repayment of principal under section 605 of the Food for Peace Act [7 U.S.C. 1738d] to the reduction of debt under subsection (a)(1) (in accordance with paragraph (1)(A) of this subsection), repayment of principal on a new obligation established under subsection (b) may be made in the local currency of the beneficiary country and deposited in the Conservation Fund of the country in the same manner as the provisions relating to payment of interest on new obligations under section 606 of such Act [7 U.S.C. 1738e].

(Pub. L. 87–195, pt. V, § 807, as added Pub. L. 105–214, § 1, July 29, 1998, 112 Stat. 888; amended Pub. L. 108–323, § 3(b), Oct. 6, 2004, 118 Stat. 1219; Pub. L. 110–246, title III, § 3001(b)(1), (2)(Q), June 18, 2008, 122 Stat. 1820; Pub. L. 115–440, §§ 6, 9(b)(3), Jan. 14, 2019, 132 Stat. 5582, 5584.)

§ 2431f. 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

(B) Eligible purchaser described

(D) Authorization of appropriations

(2) Debt buybacks

(3) Limitation

(4) Terms and conditions

(5) Administration

(A) In general

(B) Additional requirement

(b) Deposit of proceeds

(Pub. L. 87–195, pt. V, § 808, as added Pub. L. 105–214, § 1, July 29, 1998, 112 Stat. 889; amended Pub. L. 107–26, § 2(b), Aug. 17, 2001, 115 Stat. 206; Pub. L. 115–440, § 7, Jan. 14, 2019, 132 Stat. 5582.)

§ 2431g. Conservation Agreement

(a) Authority

(b) Contents of Agreement

(1) In general

(2) Composition

(A) In generalThe administering body shall consist of—

(i) one or more individuals appointed by the United States Government to serve in an official capacity;

(ii) one or more individuals appointed by the government of the beneficiary country; and

(iii) individuals who represent a broad range of—(I) environmental nongovernmental organizations of, or active in, the beneficiary country;(II) local community development nongovernmental organizations of the beneficiary country; and(III) scientific, academic, or forestry organizations of the beneficiary country.

(B) Additional requirement

(3) Responsibilities

(d) Eligible activitiesAmounts deposited in a Fund shall be used only to provide grants to conserve, maintain, and restore the tropical forests and coral reef ecosystems 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 plant life to treat human diseases, illnesses, and health related concerns.

(6) Development and support of the livelihoods of individuals dependent on a tropical forest or coral reef ecosystem and related resources in a manner consistent with conserving such resources.

(e) Grant recipients

(1) In generalGrants 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 limited circumstances, the government of the beneficiary country when needed to improve governance and enhance management of tropical forests or coral reef ecosystems, without replacing existing levels of financial efforts by the government of the beneficiary country and with priority given to projects that complement grants made under subparagraphs (A) and (B).

(2) Priority

(f) Review of larger grants

(g) Eligibility criteria

(Pub. L. 87–195, pt. V, § 809, as added Pub. L. 105–214, § 1, July 29, 1998, 112 Stat. 890; amended Pub. L. 115–440, § 8(a)–(d), Jan. 14, 2019, 132 Stat. 5583.)

§ 2431h. Conservation Fund

(a) Establishment

(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 1

1 So in original. Probably should be “and”.

conditions apply to an Enterprise for the Americas Fund under section 2430f of this title:

(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.

(Pub. L. 87–195, pt. V, § 810, as added Pub. L. 105–214, § 1, July 29, 1998, 112 Stat. 892; amended Pub. L. 108–323, § 3(c), Oct. 6, 2004, 118 Stat. 1219; Pub. L. 115–440, § 9(a), Jan. 14, 2019, 132 Stat. 5584.)

§ 2431i. Board

(a) Enterprise for the Americas Board

(b) Additional membership

(1) In generalThe 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

(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;

(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.

(Pub. L. 87–195, pt. V, § 811, as added Pub. L. 105–214, § 1, July 29, 1998, 112 Stat. 892; amended Pub. L. 107–26, § 3, Aug. 17, 2001, 115 Stat. 206; Pub. L. 110–246, title III, § 3001(b)(1)(A), (2)(Q), June 18, 2008, 122 Stat. 1820.)

§ 2431j. Consultations with Congress

The President shall consult with the appropriate congressional committees on a periodic basis to review the operation of the Facility under this subchapter and the eligibility of countries for benefits from the Facility under this subchapter.

(Pub. L. 87–195, pt. V, § 812, as added Pub. L. 105–214, § 1, July 29, 1998, 112 Stat. 893.)

§ 2431k. Annual reports to Congress

Not later than April 15 of each year, the President shall prepare and transmit to the Congress an annual report concerning the operation of the Facility for the prior calendar year. Such report shall include—

(1) a description of the activities undertaken by the Facility during the previous calendar year;

(2) a description of any Agreement entered into under this subchapter;

(3) a report on any Funds that have been established under this subchapter 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 subchapter.

(Pub. L. 87–195, pt. V, § 813, as added Pub. L. 105–214, § 1, July 29, 1998, 112 Stat. 893; amended Pub. L. 115–440, § 10, Jan. 14, 2019, 132 Stat. 5584.)