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22 U.S.C. § 9612 - U.S. Code - Unannotated Title 22. Foreign Relations and Intercourse § 9612. United States International Development Finance Corporation

Current as of January 01, 2024 | Updated by Findlaw Staff

(a)Establishment

There is established in the executive branch the United States International Development Finance Corporation (in this chapter referred to as the “Corporation”), which shall be a wholly owned Government corporation for purposes of chapter 91 of Title 31 under the foreign policy guidance of the Secretary of State.

(b)Purpose

The purpose of the Corporation shall be to mobilize and facilitate the participation of private sector capital and skills in the economic development of less developed countries, as described in subsection (c), and countries in transition from nonmarket to market economies, in order to complement the development assistance objectives, and advance the foreign policy interests, of the United States. In carrying out its purpose, the Corporation, utilizing broad criteria, shall take into account in its financing operations the economic and financial soundness and development objectives of projects for which it provides support under subchapter II.

(c)Less developed country focus

(1)In general

The Corporation shall prioritize the provision of support under subchapter II in less developed countries with a low-income economy or a lower-middle-income economy.

(2)Support in upper-middle-income countries

The Corporation shall restrict the provision of support under subchapter II in a less developed country with an upper-middle-income economy unless--

(A) the President certifies to the appropriate congressional committees that such support furthers the national economic or foreign policy interests of the United States; and

(B) such support is designed to produce significant developmental outcomes or provide developmental benefits to the poorest population of that country.

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Cite this article: FindLaw.com - 22 U.S.C. § 9612 - U.S. Code - Unannotated Title 22. Foreign Relations and Intercourse § 9612. United States International Development Finance Corporation - last updated January 01, 2024 | https://codes.findlaw.com/us/title-22-foreign-relations-and-intercourse/22-usc-sect-9612/

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