Export-Import Bank Programs for or in Libya

This determination waives prohibitions on Export-Import Bank assistance to Libya for 24 months, citing national security interests. It also assigns the President's reporting function under the Foreign Assistance Act to the Secretary of State after 22 months.

Federal Register Open PDF 71 FR 12119

Impact dates

Feb 28, 2008
Waiver of section 620A prohibition expires
Dec 28, 2007
President's reporting function under section 620A(d) assigned to Secretary of State

Key directives

Waive section 620A prohibition on Ex-Im Bank assistance for Libya for 24 months
Make direct loans, credits, insurance, and guarantees available for or in Libya notwithstanding appropriations restrictions
Assign President's section 620A(d) reporting function to Secretary of State effective at 22 months
Transmit determination to Congress and publish in Federal Register

Who is ordered

Secretary of State · Department of State

Timeline

Immediate

Waiver of section 620A prohibition takes effect for Ex-Im Bank programs in Libya

Near term (90d)

Ex-Im Bank may begin processing direct loans, credits, insurance, and guarantees for Libya

Long term

Waiver expires 24 months from signing (February 28, 2008); presidential reporting function transfers to Secretary of State at 22 months (December 28, 2007)

Risks & tensions

Timing gap: reporting function transfers at 22 months but waiver continues to 24 months, creating 2-month period where Secretary reports on still-active waiver authority
Libya's status as former state sponsor of terrorism may raise congressional oversight concerns despite national security justification
Appropriations riders in Division D of P.L. 108-447 are overridden, potentially creating tension with legislative branch