To amend the Foreign Assistance Act of 1961 to authorize the President to issue loan guarantees for economic development and job creation activities in the Republic of Ireland and Northern Ireland.

Amends the Foreign Assistance Act of 1961 to authorize the President, for FY 1997 through 2001, to issue up to $10 billion in guarantees (up to $2 billion per fiscal year) assuring against losses incurred in connection with securities issued by the Government of the Republic of Ireland in support of efforts to promote economic development and job creation activities in such Republic, especially in the six border counties of such Republic and in the six counties of Northern Ireland. Sets forth guarantee amounts for such period. Requires the President to notify the appropriate congressional committees near the end of each fiscal year of his intentions regarding the exercise of such authority during the next fiscal year. Prescribes security guarantee terms and conditions.