Authorization.—

Sec. 201. Authorization.— (a) There is hereby authorized to be appropriated to the President for the fiscal year 1955, not to exceed— (1) $115,000,000 for assistance designed to promote the economic development of the Near East and Africa, and for other types of assistance designed to help maintain economic and political stability in the area; 68 Stat. 841 (2) $75,000,000 for assistance designed to promote the economic development of South Asia and to assist in maintaining economic and political stability in the area; and (3) $9,000,000 for assistance designed to promote economic development in the other American Republics and non-self-governing territories of the Western Hemisphere. Such assistance may be furnished on such terms and conditions as the President may specify, except that 30 per centum of the funds appropriated pursuant to this subsection shall be available only for furnishing assistance on terms of repayment in accordance with section 505. (b) In addition, unexpended balances of appropriations heretofore made pursuant to sections 206 and 302 (b) of the Mutual Security Act of 1951, as amended, and unexpended balances of funds allocated to the emergency economic aid program for Bolivia are hereby authorized to be continued available for the purposes of this section through June 30, 1955, and to be consolidated with the appropriations authorized by paragraphs (1), (2), and (3) of subsection (a) of this section, respectively.