Enterprise for the Americas Initiative Act of 1991

Enterprise for the Americas Initiative Act of 1991 - Title I: Enterprise for the Americas Facility - Establishes in the Department of the Treasury the Enterprise for the Americas Facility to support improvement in the lives of the people of Latin America and the Caribbean through market-oriented reforms and economic growth with actions to promote debt reduction, investment reforms, and community-based conservation and sustainable use of the environment. Makes eligible for Facility benefits Latin American or Caribbean countries that: (1) have in effect, received approval for, or are making progress toward, specified International Monetary Fund arrangements and structural or sectoral adjustment loans from the International Bank for Reconstruction and Development or the International Development Association; (2) have put in place major investment reforms in conjunction with an Inter-American Development Bank loan or are implementing or making progress toward an open investment regime; (3) have agreed with commercial bank lenders on a financing program for debt or debt service reduction; (4) are making continued progress and have established a record of progress over at least two years toward the achievement of macroeconomic indicator goals chosen by the President; or (5) are declared by the President to be countries in dire environmental need and unable to meet the loan or investment reform requirements and that have entered into Environmental Framework Agreements under this Act.

Title II: Debt Reduction - Authorizes the President to reduce the amount owed to the United States by an eligible country as a result of: (1) concessional loans made pursuant to the Foreign Assistance Act of 1961 or predecessor economic assistance legislation; or (2) loans made pursuant to the Export-Import Bank Act of 1945 or as a result of transactions under which the Export-Import Bank or the Commodity Credit Corporation acquired an asset as a result of being the guarantor of credits in connection with export sales to an eligible country.

Declares that this title may be exercised notwithstanding provisions of the Foreign Assistance Act of 1961 and the International Development and Food Assistance Act of 1975 concerning repayments of loans outstanding after September 19, 1966, and the settlement of debts owed to the United States.

Sets forth requirements with respect to the exchange of obligations, repayment of principal, and interest on new obligations issued by beneficiary countries.

Title III: Enterprise for the Americas Environmental Funds - Requires beneficiary countries that enter into Environmental Framework Agreements to establish Enterprise for the Americas Environmental Funds. Authorizes the President to enter into Environmental Framework Agreements concerning the operation and use of Environmental Funds with countries eligible for Facility benefits. Directs administering bodies in each beneficiary country to administer the Environmental Funds and to make grants for environmental activities. Requires grants from the Funds to be used for activities that link the conservation and sustainable use of natural resources with local community development. Subjects grants of more than $100,000 to veto by the U.S. Government or the government of the beneficiary country.

Establishes an Environment for the Americas Board to: (1) advise the President on the negotiations of Environmental Framework Agreements; (2) ensure that a suitable administering body is identified for each Environmental Fund; (3) review the programs, operations, and fiscal audits of administering bodies; and (4) prepare the President's annual report required by this Act.

Declares that the President should encourage other official creditors of beneficiary countries whose debt is reduced under this Act to provide debt reduction and environmental funding to such countries.

Requires the President to ensure that Environmental Funds are able to receive donations from private and public entities and private creditors of beneficiary countries.

Title IV: Market Sales, Reductions, or Cancellations of Loans or Assets - Authorizes the President to: (1) sell to any eligible purchaser any loan of an eligible country made prior to 1991 pursuant to the Export-Import Bank Act of 1945; (2) sell to any eligible purchaser any asset acquired prior to 1991 by the Commodity Credit Corporation in connection with export sales to an eligible country or specified export credit guarantee programs; and (3) reduce or cancel such loans or assets upon receipt of payment from an eligible purchaser. Permits loans or assets to be sold only to purchasers who present plans to the President for using such loans or assets for environmental activities. Authorizes loans or assets to be reduced or canceled only for purposes of facilitating such activities.

Title V: Reports - Directs the President to report annually to the Speaker of the House and the President of the Senate on the Facility.