Mutual Development and Cooperation Act

Mutual Development and Cooperation Act - Transfers the office and functions of the Agency for International Development to the Mutual Development and Cooperation Agency, which shall have the responsibility for coordinating all United States development-related activities.

Authorizes $300,000,000 annually for fiscal years 1974-75 to be appropriated to the President to furnish assistance to people living in rural overseas areas for agriculture, rural development, and nutrition. Authorizes appropriations of $150,000,000 annually for fiscal years 1974-75 for population planning and health; $115,000,000 annually for education, public administration, and human resource development; $93,000,000 annually to help solve social and economic development problems in fields such as the transportation and power, industry, urban development and export development; and $60,000,000 annually to support the general economy of recipient countries or for development programs conducted by private or international organizations.

Directs the President to establish a system for coordination of United States policies and programs which affect U.S. interests in the development of low-income countries. Authorizes the establishment of a Development Coordination Committee to advise the President on coordination of policies and programs in developing countries, including bilateral and multilateral development assistance programs.

Establishes the United States Export Development Credit Fund to provide extensions of credit and to refinance U.S. exporter credits for the purpose of facilitating the sale of U.S. goods and services to the lowest income countries which advance their development. Sets forth provisions for the financing of such Fund.

Provides for the continuation of the Fund through December 31, 1977, and requires a detailed report semiannually on the Fund.

States that nothing in this section shall be construed as a limitation on the powers of the Export-Import Bank of the United States.

Prohibits the extension of credit under this section for defense articles or services.