Pub. L. 87-565, pt. I, ch. 2, tit. iii, sec. 104

Sec. 104. Title III of chapter 2 of part I of the Foreign Assistance Act of 1961, as amended, which relates to investment guaranties, is amended as follows: (a) Amend section 221(b) which relates to general authority, as follows: (1) In paragraph (1) strike out “$1,000,000,000” in the proviso and substitute “$1,300,000,000”. (2) In paragraph (2) strike out the words preceding the first proviso and insert in lieu thereof the following: “where the President determines such action to be important to the furtherance of the purposes of this title, assuring against loss of any loan investment for housing projects with appropriate participation by the private investor in the loan risk and in accordance with the foreign and financial policies of the United States, or assuring against loss of not to exceed 75 per centum of any other investment due to such risks as the President may determine, upon such terms and conditions as the President may determine”. (3) In paragraph (2) strike out “$90,000,000” in the third proviso and substitute “$180,000,000”, and after the word “guaranty”76 Stat. 257 insert the following: “in the case of a loan shall exceed $25,000,000 and no other such guaranty”. (b) Amend section 222, which relates to general provisions, as follows: (1) In subsection (d) insert “, and out of funds made available pursuant to this title” before the period. (2) Add the following new subsection (f): “(f) There is hereby authorized to be appropriated to the President such amounts, to remain available until expended, as may be necessary from time to time to carry out the purposes of this title.” (c) Amend section 224, which relates to housing projects in Latin American countries, as follows: (1) In subsection (b) strike out “$10,000,000” in the second sentence and substitute “$60,000,000”. (2) In subsection (c) strike out “and (e)” and substitute “(e), and (f)”.