Summary: S.998 — 100th Congress (1987-1988)All Information (Except Text)

There is one summary for S.998. Bill summaries are authored by CRS.

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Introduced in Senate (04/09/1987)

Makes congressional findings concerning rural and urban poor in developing countries.

Requires the Administrator of the agency responsible for administering the Foreign Assistance Act of 1961 to make assistance available to financial intermediaries in developing countries to enable them to provide loans and other assistance for micro and small enterprises of the poorest people. Specifies that such assistance may be made available for use by such financial intermediaries: (1) in extending credit for micro and small enterprises; (2) in extending credit for such purposes as food processing and production of cloth and clothing; (3) for the start-up costs incurred by a nongovernmental organization in becoming a financial intermediary; (4) for expenses incurred by financial intermediaries in providing training and technical assistance for micro and small enterprises; and (5) to provide other assistance necessary to the successful functioning of micro and small enterprises. Requires the Administrator to issue guidelines for financial intermediaries providing such assistance.

Requires the Administrator to place primary emphasis on the development of the capacity of and use of indigenous nongovernmental organizations (especially those representing women, tribal people, and other minorities) which will provide credit and other assistance to micro and small enterprises.

Requires the Administrator to conduct a benchmark survey to determine the total amount of assistance made available during FY 1987 for credit and other assistance for micro and small enterprises under the Foreign Assistance Act of 1961 and the Agricultural Trade Development and Assistance Act of 1954 and to report to the Congress on the results of such survey.

Sets forth the total amounts of assistance to be provided for such programs for FY 1988 and 1989. Specifies that such amounts shall be made available from: (1) funds made available under provisions of the Foreign Assistance Act of 1961 relating to development assistance, Africa famine recovery and development, and economic support; (2) foreign currencies generated from specified sources; and (3) amounts paid to the United States on loans made to financial intermediaries. Specifies that at least 80 percent of such amounts shall be used in support of micro enterprises.

Authorizes the Administrator to use economic assistance funds to provide assistance to the governments of developing countries on a loan basis repayable in foreign currencies.

Requires notification to the Congress of the reprogramming of economic assistance funds made available to financial intermediaries under this Act.

Requires the Administrator to encourage economic policies which promote micro and small enterprises in policy dialogues concerning economic policies with, and efforts to reform economic policies of, countries receiving economic assistance from the United States.