Summary: S.3248 — 115th Congress (2017-2018)All Information (Except Text)

There is one summary for S.3248. Bill summaries are authored by CRS.

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Introduced in Senate (07/19/2018)

Turkey International Financial Institutions Act

This bill requires the Department of the Treasury to:

  • oppose the extension by the International Finance Corporation (IFC) and the European Bank for Reconstruction and Development of loans or financial or technical assistance to Turkey or to any entity for a project in Turkey, and
  • work with other donor countries to develop a lending policy with Turkey that advances human rights.

Treasury may waive the IFC restriction for projects to diversify Turkey's energy resources and lessen its dependence on Russian or Iranian oil or gas.

Such restrictions:

  • shall terminate after the President certifies to Congress that Turkey is no longer arbitrarily detaining or denying freedom of movement to U.S. citizens (including dual citizens) or locally employed staff of the U.S. mission to Turkey, and
  • shall not apply to loans or financial or technical assistance for humanitarian purposes.