A bill to amend the Foreign Assistance Act of 1961 to expand and improve the program of agricultural credit and self-help community development projects, and for other purposes.

Authorizes the President to issue loans, on such terms and conditions as he shall determine, to private lending institutions, cooperatives, and private nonprofit development organizations in Latin American countries, and in not more than five countries outside Latin America, assuring against loss of not to exceed 25 percent of the portfolio of such loans made by any lender to organized groups or individuals residing in a community to enable such groups or individuals to carry out agricultural credit and self-help community development projects for which they are unable to obtain financial assistance on reasonable terms.

Provides that the Inter-American Social Development Institute shall be consulted in developing criteria for making loans eligible for coverage under this Act.

Requires the President before May 1, 1975, to make a detailed report to Congress on the results of the pilot programs established under this Act.