TeachMeFinance.com - explain P.L. 480 (or Public Law 480)
P.L. 480 (or Public Law 480) The term 'P.L. 480 (or Public Law 480) ' as it applies to the area of agriculture can be defined as ' P.L. 83-480 (July 10, 1954), also called Food for Peace, is the common name for food aid programs established by the Agricultural Trade Development and Assistance Act of 1954, which seeks to expand foreign markets for U.S. agricultural products, combat hunger, and encourage economic development in developing countries. Title I makes export credit available on concessional terms, for example, at low interest rates for up to 30 years. Donations for emergency food relief and non-emergency humanitarian assistance are provided under Title II. Title III authorizes a Food for Development program that provides government-to-government grant food assistance to least developed countries. The FAIR Act of 1996 extends the authority to enter into new P.L. 480 agreements through 2002'.
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