To provide assistance for projects designed to aid economic development in, and improve the health of the people of, certain Central European countries and other countries with emerging market economies.

Directs the Secretary of the Treasury to negotiate for the establishment within the European Bank for Reconstruction and Development of: (1) an Environmental Trust Fund to make loans available at concessional interest rates for environmental protection projects and to which contributions will be made by member countries at the same proportion such countries make contributions to the Bank; and (2) requirements for environmental impact assessments of all proposed operations with potential environmental impacts.

Authorizes the President to permit Central European countries (defined for purposes of this Act as Czechoslovakia, Hungary, Poland, and Yugoslavia) with emerging market economies to pay debt owed to the United States into local currency trust accounts to be used for environmental protection and economic development projects.

Directs the President to treat each Central European country on a case-by-case basis, taking into account the need of the country for financial resources and the commitment to carrying out such projects.