((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), countries in transition from nonmarket to market economies, and other eligible foreign countries, in order to complement the development assistance objectives, and advance the foreign policy and national security 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 of this chapter.
((c)) ** Eligible countries**
((1)) ** Less developed country focus** The Corporation shall prioritize the provision of support under subchapter II of this chapter in less developed countries.
((2)) ** Advancing income countries** The Corporation may provide support for a project under title II in an advancing income country if, before providing such support, the Chief Executive Officer certifies in writing to the appropriate congressional committees, that such support will be provided in accordance with the policy established pursuant to subsection (d)(2). Such certification may be included as an appendix to the report required by section 1446.
((3)) ** High-income countries**
((A)) ** In general** The Corporation may provide support for a project under title II in a high-income country if, before providing such support, the Chief Executive Officer certifies in writing to the appropriate congressional committees that such support will be provided in accordance with the policy established pursuant to subsection (d)(3). Such certification may be included as an appendix to the report required by .section 9656 of this title
((B)) ** Report** Not later than 120 days after , and annually thereafter, the Corporation shall submit to the appropriate congressional committees a report, which may be submitted in classified or confidential form, that includes—
((i)) a list of all high-income countries in which the Corporation anticipates providing support in the subsequent fiscal year (and, with respect to the first such report, the then-current fiscal year); and
((ii)) to the extent practicable, a description of the type of projects anticipated to receive such support.
((C)) ** Projects in high-income countries not previously identified in report** The Corporation may not provide support for a project in a high-income country in any year for which that high-income country is not included on the list required by subparagraph (B)(i), unless, not later than 15 days before commitment, the Corporation consults with and submits to the appropriate congressional committees a notification describing how the proposed project advances the foreign policy interests of the United States.
((4)) ** Continuation of eligibility** Projects previously approved by the Corporation shall remain eligible for support notwithstanding any change in the income classification of the country.
((d)) ** Strategic investments policy**
((1)) ** In general** The Board shall establish policies, which shall be applied on a project-by-project basis, to evaluate and determine the strategic merits of providing support for projects and investments in advancing income countries and high-income countries.
((2)) ** Investment policy for advancing income countries** Any policy used to evaluate and determine the strategic merits of providing support for projects in an advancing income country shall require that such projects—
((A)) advance—
((i)) the national security interests of the United States in accordance with United States foreign policy, as determined by the Secretary of State; or
((ii)) significant strategic economic competitiveness imperatives;
((B)) are designed in a manner to produce significant developmental outcomes or provide developmental impacts to the poorest populations of such country; and
((C)) are structured in a manner that maximizes private capital mobilization.
((3)) ** Investment policy for high-income countries** Any policy used to evaluate and determine the strategic merits of providing support for projects in high-income countries shall require that—
((A)) each such project meets the requirements described in paragraph (2);
((B)) with respect to each project in a high-income country—
((i)) private sector entities have been afforded an opportunity to support the project on viable terms in place of support by the Corporation; and
((ii)) such support by the Corporation does not exceed 25 percent of the total cost of the project;
((C)) with respect to support for all projects in all high-income countries, the aggregate amount of such support does not exceed 10 percent of the total contingent liability authorized by ; and
((D)) the Chief Executive Officer submit to the appropriate congressional committees a report, which may be submitted as an appendix to a report required by , that—
((i)) certifies that the Corporation has applied the policy to each supported project in a high-income country; and
((ii)) describes whether such support—
((I)) is a preferred alternative to state-directed investments by a foreign country of concern; or
((II)) otherwise furthers the strategic interest of the United States to counter or limit the influence of foreign countries of concern.
((e)) ** Ineligible countries** The Corporation shall not provide support for a project in—
((1)) a country of concern; or
((2)) a wealthy country, except to the extent permitted pursuant to subsection (f).
((f)) ** Sectoral exceptions** Subject to the requirements in subsection (d)(3), the restriction in subsection (e)(2) shall not apply to projects in the following sectors:
((1)) Energy.
((2)) Critical minerals and rare earths.
((3)) Information and communications technology, including undersea cables.
((g)) ** Sense of Congress** It is the sense of Congress that—
((1)) the Corporation should continuously operate in a manner that advances its core mission and purposes, as described in this title; and
((2)) resources of the Corporation should not be diverted for domestic or other activities extending beyond the scope of such mission and purpose.
