eligibility of poland and hungary for overseas private investment corporation

eligibility of poland and hungary for overseas private investment corporation Sec. 597. (a) Programs.— Section 239(f) of the Foreign Assistance Act of 1961 is amended by inserting “Poland, Hungary,” after “Yugoslavia,”. (b) Participation by Nongovernmental Sector.— (1) In accordance with its mandate to foster private initiative and competition and enhance the ability of private enterprise to make its full contribution to the development process, the Overseas Private Investment Corporation shall support projects in Poland and Hungary which will result in enhancement of the nongovernmental sector and reduction of state involvement in the economy. (2) For purposes of this subsection, the term “nongovernmental sector” in Poland and Hungary includes private enterprises, cooperatives (insofar as they are not administered by the Governments of Poland or Hungary), joint ventures (including partners which are not the Governments of Poland or Hungary or instrumentalities thereof), businesses in Poland or Hungary that are wholly or partly owned by United States citizens, Including those of Polish or Hungarian descent, religious and ethnic groups (including the Catholic Church), and other independent social organizations. (c) Definition of Eligible Investor.— Notwithstanding subsection (b), the term “eligible investor” with respect to OPIC–s programs in Poland and Hungary has the same meaning as contained in section 238(c) of the Foreign Assistance Act of 1961. (d) Effective Date.— The authority of the Overseas Private Investment Corporation to issue insurance, reinsurance, guarantees, and to provide any assistance under its direct loan and equity programs with respect to projects undertaken in Poland and Hungary shall take effect upon the date of enactment of this Act and shall remain in effect until September 30, 1992.