Use of local currency payment

Agreements under this subchapter may provide that the Secretary shall use payments made in local currencies by the developing country or private entity in accordance with this section. Foreign currencies received by the Secretary under this subchapter shall be deposited in a separate account, that may be interest-bearing, to the credit of the United States and such currencies and interest thereon shall be used as provided for in this section. The proceeds from the payments referred to in subsection (a) may be used in the appropriate developing country, through agreements with recipient governments, private voluntary organizations, and cooperatives, for the following: To support— To make loans to United States business entities (including cooperatives) and branches, subsidiaries, or affiliates of such entities for development of agricultural businesses and agricultural trade capacity in such appropriate developing countries. To make loans to domestic or foreign entities (including cooperatives) for the establishment of facilities for aiding in the utilization or distribution of agricultural products. To promote agricultural trade development, under procedures established by the Secretary, by making loans or through other activities (including trade fairs to promote agricultural products produced in appropriate developing countries) that the Secretary determines to be appropriate. To conduct private sector agricultural trade development activities in the appropriate developing country, as determined appropriate by the Secretary. To conduct research in agriculture, forestry, and aquaculture, including collaborative research which is mutually beneficial to the United States and the appropriate developing country. To make payments of United States obligations (including obligations entered into pursuant to other laws). To provide assistance under section 2152h 11 See References in Text note below. of title 22 to promote good health, economic development, poverty reduction, women’s empowerment, conflict prevention, and environmental sustainability by increasing affordable and equitable access to safe water and sanitation. Section 1306 of title 31 shall not apply to local currencies used by the President under paragraphs (1) through (7) of subsection (c). Any department or agency of the Federal Government other than the Department of Agriculture using any such local currencies for a purpose for which funds have been appropriated shall reimburse the Commodity Credit Corporation in an amount equivalent to the dollar value of the currencies used.