Enterprise for the Americas Initiative Act of 1992

Enterprise for the Americas Initiative Act of 1992 - Amends the Agricultural Trade Development and Assistance Act of 1954 to authorize the President to sell to a Latin American or Caribbean country up to 40 percent of its qualified, Paris Club-rescheduled debt (owed to the U.S. Department of Agriculture's Commodity Credit Corporation for export credit guarantee purchases of U.S. agricultural commodities), but only if such country uses a certain amount of its local currency (computed according to a specified formula), other than the price paid for the debt through an Environmental Fund for certain eligible activities. (Designates the Environmental Fund for Mexico the Good Neighbor Environmental Fund for the Border.)

Authorizes the President, in order to facilitate eligible debt swaps, to sell, reduce, or cancel such debts.

Requires the Secretaries of State and of the Treasury to notify designated congressional committees before formal negotiations for such debt relief. Requires them to submit to such committees a consolidated annual statement of the budgetary implications of all debt relief agreements entered into under this Act.

Amends the Agricultural Trade Development and Assistance Act of 1954 to require the President's annual report to the Congress to include, among other things, a: (1) description of activities of the Enterprise for the Americas Facility during the previous fiscal year; (2) description of any Environmental Framework Agreement entered into under this Act; (3) report on the Environmental Fund; and (4) description of grants extended pursuant to an Environmental Framework Agreement.

Directs the Secretary of Agriculture to establish the Center For North American Studies in a higher education institution (or consortium of such institutions) to promote better agricultural relationships among Canada, Mexico, and the United States through cooperative study training, and research. Authorizes appropriations.

Requires the President to report to the Congress on the effect of a hemispherical free trade zone with such countries on the United States economy.

Directs the President to establish the Good Neighbor Environmental Board to advise the President and the Congress on the need for implementation of environmental and infrastructure projects to improve the quality of life of persons residing on the U.S. side of the border with Mexico.