Sec. 30604. Promoting responsible development alternatives to the People’s Republic of China’s Belt and Road Initiative
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/bill/117/hr/4521/eh/section-30604·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The President should seek opportunities to partner with multilateral development finance institutions to develop financing tools based on shared development finance criteria and mechanisms to support investments in developing countries that— support low carbon economic development; and promote resiliency and adaptation to environmental changes and natural disasters. The Chief Executive Officer of the United States International Development Finance Corporation should seek to partner with other multilateral development finance institutions and development finance institutions to leverage the respective available funds to support low carbon economic development, which may include clean energy including renewable and nuclear energy projects, environmental adaptation, and resilience activities in countries.
Subject to paragraph (2), the Secretary of State, the Administrator of the United States Agency for International Development, and the heads of other relevant Federal agencies are authorized to co-finance infrastructure, resilience, and environmental adaptation projects that advance the development objectives of the United States overseas and provide viable alternatives to projects that would otherwise be included within the People’s Republic of China’s Belt and Road Initiative.
Co-financing arrangements authorized pursuant to paragraph
(1)may not be approved unless— the projects to be financed— promote the public good; promote United States national security or economic interests; promote low carbon emissions, including clean energy renewable and nuclear energy projects; and will have substantially lower environmental impact than the proposed Belt and Road Initiative alternative; and the Committee on Foreign Relations of the Senate and the Committee on Foreign Affairs of the House of Representatives, as well as the relevant committees of jurisdiction for the House of Representatives and Senate with oversight of the Federal agency engaged in the co-financing relationship, are notified not later than 15 days in advance of entering into such co-financing arrangements.