Sec. 9005. Joint Investment for Peace Initiative
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Beginning on the date that is 180 days after the date of the enactment of this Act, the Chief Executive Officer of the United States International Development Finance Corporation (referred to in this section as the Chief Executive Officer and the Corporation , respectively) is authorized to establish a program to provide investments in entities that carry out projects that contribute to the development of the Palestinian private sector economy. The program established under this subsection shall be known as the Joint Investment for Peace Initiative (referred to in this section as the Initiative ).
In providing investments through the Initiative, the Chief Executive Officer shall ensure participation by small and medium-sized enterprises owned by Palestinians. In providing investments through the Initiative, the Chief Executive Officer shall prioritize projects that increase economic cooperation between Israelis and Palestinians. In carrying out the Initiative, the Chief Executive Officer shall utilize the authorities under section 1421 of the Better Utilization of Investments Leading to Development Act of 2018 ( 22 U.S.C. 9621 ) to— select a manager of the Initiative with the consensus of the majority of the Board of Directors of the Corporation; oversee and direct the operation of the Initiative consistent with such Act and other provisions of law; provide the Initiative with loans, guaranties, equity, and insurance, as appropriate, to enable the Initiative to attract private investment; and carry out the purposes of the Initiative consistent with the provisions of this section and other applicable provisions of law.
Funds made available to carry out the Initiative shall be expended at the minimum rate necessary to make timely payments for projects and activities carried out under the Initiative. Any entity that receives an investment under the Initiative shall not by virtue of receipt of such investment be considered to be an agency or establishment of the United States Government for purposes of title 5, United States Code. Operations of the Corporation under the Initiative shall be subject to— audits, investigations, and inspections conducted by the Office of the Inspector General of the United States International Development Finance Corporation; and assessment by the Comptroller General of the United States.
Not later than December 31, 2021, and each December 31 thereafter, the Chief Executive Officer shall submit to the appropriate congressional committees a report that describes the following: The extent to which the Initiative has contributed to promoting and supporting Palestinian economic development. The extent to which the Initiative has contributed to greater integration of the Palestinian economy into the international rules-based business system. The extent to which projects that increase economic cooperation between Israelis and Palestinians have been prioritized.
Information on the following: Investments received and provided through the Initiative. The mechanisms established for transparency and accountability of investments provided through the Initiative. A description of the Initiative’s operations, activities, budget, receipts, and expenditures for the preceding 12-month period, including an audited report of the Initiative’s finances which shall further include statements of financial position, operations, equity positions and cash flows, in accordance with generally accepted government auditing standards prescribed by the Comptroller General of the United States.
Lessons learned from improvements to the efficacy of people-to-people relationships. A description of potential strategies for achieving sustainability for civic institutions that the Initiative develops or supports, including novel financing mechanisms. A description of the process for vetting and oversight of entities eligible for support from the Initiative to ensure compliance with the requirements of section 9006(b). The reports required under this subsection shall be submitted in unclassified form, without the designation For Official Use Only or any related or successor designation, but may be accompanied by a classified annex.
In providing investments through the Initiative described in subsection (c)— the Corporation may provide support for projects in countries with upper-middle-income economies or high-income economies (as those terms are defined by the International Bank for Reconstruction and Development and the International Development Association); and the restriction under section 1412(c)(2) of the Better Utilization of Investments Leading to Development Act of 2018 ( 22 U.S.C. 9612(c)(2) ) shall not apply with respect to support for projects in countries described in paragraph (1).
The authority to carry out the Initiative shall terminate on the date that is 10 years after the date on which the Chief Executive Officer makes the first investment under the Initiative. The Chief Executive Officer is authorized to continue to manage investments made under the Initiative on and after the date specified in paragraph (1).
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