Pub. L. 108-447, div. D, tit. V, sec. 593

Sec. 593. (a) Section 1307 of the International Financial Institutions Act (22 U.S.C. 262m–7) is amended—(1) by striking subsection (a) and inserting the following:“(a) Assessment Required Before Favorable Vote on Proposal.—The Secretary of the Treasury shall instruct the United States Executive Director of each multilateral development bank not to vote in favor of any proposal (including but not limited to any loan, credit, grant, guarantee) which would result or be likely to result in significant impact on the environment, unless the Secretary, after consultation with the Secretary of State and the Administrators of the United States Agency for International Development and the Environmental Protection Agency, determines that for at least 120 days before the date of the vote—“(1) an assessment analyzing the environmental impacts of the proposed action, including associated and cumulative impacts, and of alternatives to the proposed action, has been completed by the borrower or the bank and has been made available to the board of directors of the bank; and“(2) such assessment or a comprehensive summary of the assessment (with proprietary information redacted) has been made available to affected groups, and local nongovernmental organizations and notice of its availability in the country and at the bank has been posted on the bank’s website.”; and(2) by striking subsection (g) and inserting the following:“(g) Multilateral Development Bank Defined.—In this title, the term ‘multilateral development bank’ means the International Bank for Reconstruction and Development, the European Bank for Reconstruction and Development, the International Development Association, the International Finance Corporation, the Multilateral Investment Guarantee Agency, the African Development Bank, the African Development Fund, the Asian Development Bank, the Inter-American Development Bank, the Inter-American Investment Corporation, any other institution (other than the International Monetary Fund) specified in section 1701(c)(2), and any subsidiary of any such institution.”.(b) Section 1303(b) of the International Financial Institutions Act (22 U.S.C. 262m–2(b)) is amended—118 STAT. 3038(1) by inserting “(1)” after “(b)” and replacing “International Bank for Reconstruction and Development, the Inter-American Development Bank, the Asian Development Bank, the African Development Bank” with the phrase “multilateral development banks as defined in section 1307(g)”; and(2) by inserting at the end of subsection (b) the following text:“(2) The Secretary of the Treasury shall instruct such Executive Directors to work with other countries’ Executive Directors and multilateral development bank management to—“(A) improve the procedures of each multilateral development bank for providing its board of directors with a complete and accurate record regarding public consultation before they vote on proposed projects with significant environmental implications; and“(B) revise bank procedures to consistently require public consultation on operational policy proposals or revisions that have significant environmental or social implications.“(3) Progress under this subsection shall be incorporated into Treasury’s required annual report to Congress on the environmental performance of the multilateral development banks.”.