Sec. 205. Public notification of entering into a compact
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Section 610 of the Millennium Challenge Act of 2003 ( 22 U.S.C. 7709 ) is amended to read as follows: The Board, acting through the Chief Executive Officer, shall consult with and notify the appropriate congressional committees not later than 15 days before taking any of the actions described in paragraph (2). The actions described in this paragraph are— providing assistance for an eligible country under section 609(g); commencing negotiations with an eligible country to provide assistance for— a Compact under section 605; or an agreement under section 616; signing such a Compact or agreement; and terminating assistance under such a Compact or agreement.
Any notification relating to the intent to negotiate or sign a Compact shall include a report describing the projected economic justification for the Compact, including, as applicable— the expected economic rate of return of the Compact; a cost-benefit analysis of the Compact; a description of the impact on beneficiary populations; the likelihood that the investment will catalyze private sector investments; and any other applicable economic factors that justify each project to be funded under such a Compact to the extent practicable and appropriate.
Not later than 60 days before signing each concurrent Compact, as authorized under section 609, the Board, acting through the Chief Executive Officer, shall consult with and provide to the appropriate congressional committees— an assessment and, as appropriate, the identification of potential measures to mitigate risks, of— the countries’ commitment to regional integration and cross-border cooperation and capacity to carry out commitments; political and policy risks, including risks that could affect country eligibility; risks associated with realizing economic returns; time and completion risks; and cost and financial risks; and an assessment of measures to be taken to mitigate any identified risks, including— securing other potential donors to finance projects or parts of projects as needed; and partnering with regional organizations to support and oversee effective cross-border cooperation.
Not later than 10 days after entering into a Compact with an eligible country, the Board, acting through the Chief Executive Officer, shall— publish the text of the Compact on the Web Site of the Corporation; provide the appropriate congressional committees with a detailed summary of the Compact and, upon request, the text of the Compact; and publish in the Federal Register a detailed summary of the Compact and a notice of availability of the text of the Compact on the Web Site of the Corporation. .
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Sec. 205
Public notification of entering into a compact
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