African Growth bill

African Growth and Opportunity Act - Declares the support of the Congress for the economic self-reliance of Sub-Saharan African countries committed to economic and political reform, market incentives and private sector growth, eradication of poverty, and the importance of women to economic growth and development.

(Sec. 4) Makes a sub-Saharan African country eligible to participate in programs, projects, or activities, or receive assistance or other benefits under this Act for a fiscal year only if the President determines, according to specified evidence, that it has established, or is making continual progress toward establishing, a market-based economy.

Directs the President to monitor and review eligible sub-Saharan countries that are in need of making continual progress in meeting one or more of this Act's requirements. Makes ineligible to participate in programs or receive assistance or other benefits under this Act any countries that have not made progress in meeting such requirements.

(Sec. 5) Expresses the sense of the Congress that sustained economic growth in sub-Saharan Africa depends upon the development of a receptive environment for trade and investment through the continued support by the U.S. Agency for International Development (AID) of programs that help to create this environment. Sets forth declarations of policy with respect to assistance provided to sub-Saharan Africa through the Development Fund for Africa and the African Development Foundation.

Amends the Foreign Assistance Act of 1961 to provide: (1) additional program authorities to include assistance to promote democratization and strengthen conflict resolution; and (2) increased program flexibility through presidential waivers of certain requirements (except those for certain child survival activities).

(Sec. 6) Directs the President to convene annual high-level meetings between U.S. Government officials and officials of the governments of sub-Saharan African countries to foster close economic ties between them. Directs the President to establish a United States-Sub-Saharan Africa Trade and Economic Cooperation Forum. Authorizes appropriations.

(Sec. 7) Directs the President to develop a plan meeting certain requirements to enter into one or more trade agreements with certain eligible sub-Saharan African countries to establish a United States-Sub-Saharan Africa Free Trade Area.

(Sec. 8) Expresses the sense of the Congress that reform of trade policies in sub-Saharan Africa that removes structural impediments to trade, consistent with the World Trade Organization (WTO), can lay the groundwork for sustained growth there in both textile and apparel exports. Directs the United States, pursuant to the Agreement on Textiles and Clothing, to eliminate the existing quotas on textile and apparel exports to the United States from Kenya and Mauritius, provided they adopt a visa system to guard against the unlawful transshipment of such goods. Directs the President to: (1) continue the existing no quota policy for sub-Saharan African countries; and (2) report to the Congress on the growth in textiles and apparel exports to the United States from such countries in order to protect U.S. consumers, workers, and textile manufacturers from economic injury on account of the no quota policy.

(Sec. 9) Amends the Trade Act of 1974 to authorize the President to provide duty-free treatment for any non-import-sensitive article that is the growth, product, or manufacture of an eligible sub-Saharan African beneficiary developing country.

Waives the competitive need limitation with respect to eligible countries in sub-Saharan Africa. Extends duty-free treatment to sub-Saharan African beneficiary developing countries through May 31, 2007.

(Sec. 10) Expresses the sense of the Congress that: (1) specified international financial institutions and their programs are vital to the economic growth and development of sub-Saharan African countries; (2) the executive branch should extinguish concessional debt owed to the United States by the poorest sub-Saharan countries; and (3) the Congress supports the efforts of the executive branch to secure agreement from such institutions to maximize debt reduction for such countries as part of the multilateral initiative known as the Heavily Indebted Poor Countries (HIPC) initiative.

Supports and encourages the implementation of specified initiatives through AID and the Trade Development Agency, including: (1) the formation of American-African business partnerships; (2) technical assistance to promote trade reforms; (3) agricultural market liberalization; (4) trade promotion; and (5) trade in services.

(Sec. 11) Expresses the sense of the Congress that the Overseas Private Investment Corporation (OPIC) should exercise its authorities to initiate two or more equity funds in support of projects in sub-Saharan African countries, particularly projects that expand opportunities for women entrepreneurs and employment for the poor.

(Sec. 12) Amends the Foreign Assistance Act of 1961 to revise the composition of the Board of Directors of OPIC to require at least one of the eight presidentially-appointed Directors to have extensive private sector experience in sub-Saharan Africa. Directs the Board to increase financial assistance in sub-Saharan Africa.

Amends the Export-Import Bank Act of 1945 to make similar changes with respect to the Export-Import Bank of the United States.

(Sec. 13) Directs the President to establish the position of Assistant United States Trade Representative within the Office of the United States Trade Representative to focus on trade issues relating to sub-Saharan Africa.