Sec. 5. Oceania development finance strategy
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The Chief Executive Officer of the United States International Development Finance Corporation (in this section referred to as the Corporation ), in consultation with the Administrator of the United States Agency for International Development, shall establish a strategy for supporting the development goals of the countries of Oceania using market-based private investment wherever there is appropriate capacity to absorb private financing. The purpose of the strategy required by subsection
(a)is to ensure that the United States Government is fully utilizing existing development finance authorities to support efforts of the countries of Oceania to access market-based private investment, including authorities provided under the Better Utilization of Investments Leading to Development Act of 2018 ( 22 U.S.C. 9601 et seq.), and consistent with section 1412(c) of that Act ( 22 U.S.C. 9612(c) ), to support sustainability, resilience, and development. In developing the strategy required by subsection (a), the Chief Executive Officer of the Corporation shall consider the following, to the maximum extent practicable: How the full range of financing products and technical assistance tools available to the Corporation can be used to help counter malign foreign influence in Oceania that entraps host countries with development projects that result in high indebtedness and financial imbalance. How the Corporation can create an investment portfolio that complements existing United States foreign economic assistance programs in the countries of Oceania, including specifically those activities aimed at advancing the long-term growth, governance, economic development, and resilience of the countries of Oceania. How the Corporation can partner with related institutions of the governments of Australia, New Zealand, and Japan to maximize the effectiveness of United States financing products and technical assistance tools to help the countries of Oceania use market-based investment to advance economic security as it relates to the development of fifth generation and future generation telecommunications infrastructure, undersea cables, and other critical infrastructure and associated supply chains. How the Corporation can create an investment portfolio that minimizes financial risk exposure to the United States Government while helping to support the sustainable development goals of the countries of Oceania. How the capacity of the private sector and economic constraints of the countries in Oceania may, at times, require that investment and development are better supported by government rather than the private sector. Not later than March 1, 2022, and annually thereafter, the Chief Executive Officer of the Corporation shall submit to the appropriate congressional committees a list of countries for which the Corporation plans to prioritize support for access to market-based private investment based on the objectives described in subsection
(c)during the following 12-month period. In this section, the term Oceania includes such independent countries of Oceania as are identified by the Chief Executive Officer of the Corporation and the Administrator of the United States Agency for International Development.
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