Sec. 202. Expedited procedures for financing of small projects related to power generation and distribution in sub-Saharan Africa
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Not later than 180 days after the date of the enactment of this Act, the Overseas Private Investment Corporation should, as appropriate, simplify and streamline the application, approval, and post-approval processes for insurance, financing, investment, or reinsurance for projects or subprojects, including off-grid efforts, in sub-Saharan Africa for which the total support of the Corporation is less than $20,000,000, by— expediting the review and consideration of, and determinations with respect to, applications for insurance, financing, investment, or reinsurance, consistent with investment best practices, including appropriate risk management, for such projects and subprojects; and reducing the burdens of project management for, and eliminating duplicative or unnecessary oversight of such projects and subprojects after approval of insurance, financing, investment, or reinsurance for projects or subprojects.
In revising its procedures as required by subsection (a), the Overseas Private Investment Corporation should consider best practices established by the International Finance Corporation of the World Bank Group.