International Economic and Environmental Improvement Act of 1991

International Economic and Environmental Improvement Act of 1991 - Authorizes the President to alter the obligations of an eligible country to make payments on loans made by the U.S. Government. Defines an "eligible country" as a country that is indebted to the U.S. Government and whose overall debt burden is a cause of economic or environmental hardship.

Permits the President to enter into agreements with eligible countries under which the United States agrees to make beneficial alterations of existing debt obligations in consideration for commitments by such countries to: (1) carry out environmental improvement activities; (2) make payments in accordance with this Act; (3) deposit payments to appropriate regional development banks; (4) establish specified administrative bodies to administer environmental trust accounts; or (5) set up trust funds with United Nations agencies.

Requires countries with which the United States has agreements to make payments on new obligations in the ratio of 80 percent in U.S. dollars and 20 percent in local currency. Applies such payments to the principal balance of such obligations. Provides that additional payments in the amount of 20 percent of the amount of payments to the United States shall be made in local currencies and deposited in environmental trust accounts for environmental improvement activities.

Directs the President to designate appropriate institutions to establish environmental trust accounts. Authorizes the President to designate the United Nations or a regional development bank. Lists appropriate banks.

Directs the Secretary of the Treasury to instruct the U.S. executive directors of such banks to use the voice and vote of the United States to establish an environmental group with technical and administrative expertise in implementing environmental projects to administer the trust account.

Requires grants from environmental trust accounts to be made to: (1) nongovernmental environmental, conservation, or indigenous peoples organizations of debtor nations; (2) appropriate local or regional entities; and (3) in exceptional circumstances, the governments of such nations.

Directs debtor nations to submit environmental plans detailing activities to be undertaken with trust account funds to the appropriate regional bank for approval. Sets forth plan approval and modification procedures.

Requires the President, for each bank or the United Nations, to establish a board to provide expertise in matters related to such plans. Directs such boards to: (1) establish minimum criteria for environmental activities; (2) review and approve environmental plans; (3) review audits performed with respect to trust accounts; and (4) render advice to such banks or the United Nations on matters related to grants under such plans.

Requires environmental activities, in order to be eligible to receive trust account funds, to be designed to achieve at least one of the following objectives: (1) specified environmental activities listed under the International Financial Institutions Act; or (2) implementation of alternative clean energy or energy conservation measures. Provides that when such environmental activities require the purchase of alternative energy, energy efficiency, or environmental improvement products, funds from trust accounts shall only be used to acquire products manufactured in the United States or the debtor nation undertaking such activities.

Declares agreements null and void and reinstitutes old debt obligations if: (1) the use of trust account funds are used for purposes other than those authorized by this Act or in a manner inconsistent with an environmental plan; or (2) a debtor nation fails to submit or update such plan.