Sec. 3. Use of United States International Development Finance Corporation funds to finance moving expenses and necessary workforce development costs incurred by companies moving from the People’s Republic of China to Latin America or the Caribbean
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The United States International Development Finance Corporation, in coordination with relevant Federal agencies (including the United States Trade and Development Agency, the Export-Import Bank of the United States, the United States Army Corps of Engineers, and the United States Agency for International Development) and the United States Executive Directors of relevant international financial institutions (including the World Bank Group, the Inter-American Development Bank, and the International Monetary Fund), shall use not less than 10 percent of the amounts made available to provide financing under section 1421 of the Better Utilization of Investments Leading to Development Act of 2018 ( 22 U.S.C. 9621 ) for each fiscal year beginning after the date of the enactment of this Act to finance the qualified moving costs and necessary workforce development costs of, and reduce the interest rate on any loan to be provided by the DFC to the interest rate described in paragraph
(3)to, any qualified corporation that is eligible for, or a recipient of, assistance from the DFC, to the extent of qualifying applications for assistance under this section. If the DFC does not use the entire amount described in paragraph
(1)for a fiscal year described in such paragraph, such amount shall, to the maximum extent practicable, be made available to the DFC for the next fiscal year to carry out this section or other DFC programs for Latin American or Caribbean countries. The interest rate described in this paragraph is— the Federal funds rate; or the interest rate that is determined by reducing by not less than 1/2 of 1 percent and not more than 1 percent (but to not less than zero percent) the interest rate on the loan to be provided by the DFC to the qualified corporation, whichever is the lesser. The DFC shall not provide assistance under this section unless the Secretary of Commerce has determined that the provision of the assistance would not result in a negative effect on employment in the United States. A corporation to which financing is made under this section shall remit to the DFC any portion of the assistance that is not expended within a period of time after the date the financing is made that is determined by the DFC on a case-by-case basis. The DFC— may provide loans under this section to a corporation only if the loans are commercially viable, as determined by the DFC; and shall determine an appropriate amount of time for repayment of loans under this section to a corporation. Not later than 180 days after the date of the enactment of this Act, the DFC shall develop and submit to the Committee on Foreign Affairs of the House of Representatives and the Committee on Foreign Relations of the Senate a plan to streamline the provision of assistance under this section, including to expedite the approval process for the provision of such assistance.
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Sec. 3
Use of United States International Development Finance Corporation funds to finance moving expenses and necessary workforce development costs incurred by companies moving from the People’s Republic of China to Latin America or the Caribbean
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