Sec. 102. United States International Development Finance Corporation
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There is established in the Executive branch the United States International Development Finance Corporation (in this Act referred to as the Corporation ), which shall be a wholly owned Government corporation (as defined in section 9101 of title 31, United States Code) under the foreign policy guidance of the Secretary of State. 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 of projects for which it provides support under title II. The Corporation shall prioritize the provision of support under title II in less developed countries with a low-income economy or a lower-middle-income economy. The Corporation shall restrict the provision of support under title II in a less developed country with an upper-middle-income economy unless— the President certifies to the appropriate congressional committees that such support furthers the national economic or foreign policy interests of the United States; and such support is likely to be highly developmental or provide developmental benefits to the poorest population of that country.