Sec. 3259. Promoting responsible development alternatives to the belt and road initiative
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/bill/117/s/1260/es/section-3259·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. 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 nuclear energy projects, environmental adaptation, and resilience activities in developing countries.
The President shall work with European counterparts to establish a formal United States-European Commission Working Group to develop a comprehensive strategy to develop alternatives to the Government of the People’s Republic of China’s Belt and Road Initiative for development finance. United States participants in the working group shall seek to integrate existing efforts into the strategy, including efforts to address the Government of the People’s Republic of China’s use of the United Nations to advance the Belt and Road Initiative, including the proliferation of memoranda of understanding between the People’s Republic of China and United Nations funds and programs regarding the implementation of the Belt and Road Initiative.
Subject to paragraph (2), the Secretary of State, the Administrator of the United States Development Agency, and other relevant agency heads are authorized to co-finance infrastructure 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 low carbon emissions, which may include 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 are notified not later than 15 days in advance of entering into such co-financing arrangements.