eligibility for overseas private investment corporation

eligibility for overseas private investment corporation Sec. 576. (a) Programs.—Section 239(f) of the Foreign Assistance Act of 1961 is amended by inserting “or any other East European country,” after “Hungary,”. (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, Hungary, and other East European countries 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” includes private enterprises, cooperatives (insofar as they are not administered by the government), joint ventures (including partners which are not governments of East European countries or instrumentalities thereof), businesses that are wholly or partly owned by United States citizens, 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 Eastern Europe has the same meaning as contained in section 238(c) of the Foreign Assistance Act of 1961. (d) Expiration Date.—The authority of the Overseas Private Investment Corporation to issue insurance, reinsurance, and guarantees, and to provide any assistance under its direct loan and equity programs with respect to projects undertaken in Eastern Europe shall remain in effect until September 30, 1992.