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). 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 countries with low-income economies or lower-middle-income economies, as defined by the World Bank. The Corporation shall restrict the provision of support under title II in a country with an upper-middle-income economy, as defined by the World Bank, unless— the President determines 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.

The Corporation may make, without regard to fiscal year limitation, such expenditures and commitments as may be necessary using amounts appropriated to the Corporation pursuant to section 9104 of title 31, United States Code, and otherwise in accordance with law. Project-specific transaction costs, including direct and indirect costs incurred in claims settlements, and other direct costs associated with the provision of support to private sector entities and qualifying sovereign entities under title II, shall not be considered administrative expenses for the purposes of this section.