Sec. 101. Colombian-American Enterprise Fund
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The President shall designate a private, nonprofit organization (to be known as the Colombian-American Enterprise Fund ) to receive funds and support made available under this section after determining that such organization has been designated for the purposes specified in subsection (b). The President shall make such designation only after consultation with the leadership of the Committee on Foreign Relations of the Senate and the Committee on Foreign Affairs of the House of Representatives.
The purposes are this section are the purposes described in section 1421(g)(3) of the BUILD Act of 2018 ( 22 U.S.C. 9621(g)(3) ). The Colombian-American Enterprise Fund shall be governed by a Board of Directors pursuant to paragraphs
(5)and
(6)of section 1421(g) of the BUILD Act of 2018 ( 22 U.S.C. 9621(g) ). The President shall appoint the United States Ambassador to Colombia, or the Ambassador’s designee, as a liaison to the Board. The liaison appointed under this paragraph shall not have any voting authority. Upon the recommendation of the Board of Directors, the President may appoint up to 2 additional liaisons to the Board of Directors in addition to the liaison specified in paragraph (2), of which not more than 1 may be a noncitizen of the United States. A liaison appointed under this subparagraph shall not have any voting authority. One of the additional liaisons to the Board should be from the nongovernmental organization community, with significant prior experience in development financing and an understanding of development policy priorities for Colombia. One of the additional liaisons to the Board should have extensive demonstrated industry, sector, or technical experience and expertise in a priority investment sector described in subsection
(e)for the Colombia-American Enterprise Fund. The President is authorized to use $200,000,000 in funds appropriated by any Act, in this fiscal year or prior fiscal years, making appropriations for the Department of State, foreign operations, and related programs, including funds previously obligated, that are otherwise available for such purposes, notwithstanding any other provision of law— to carry out the purposes set forth in subsection
(b)through the Colombian-American Enterprise Fund in accordance with section 1421(g)(4)(A) of the BUILD Act of 2018 ( 22 U.S.C. 9621(g)(4)(A) ); and to pay for the administrative expenses of the Colombian-American Enterprise Fund, in accordance with the limitation under section 1421(g)(4)(B) of the BUILD Act of 2018 ( 22 U.S.C. 9621(g)(4)(B) ). In carrying out the purposes of the Colombian-American Enterprise Fund described in subsection (b), the Board of Directors shall not be prohibited from making investments, grants, and expenditures in any economic sector, but shall prioritize such activities in the following sectors: Not less than 35 percent of the investments, grants, and expenditures of the Colombian-American Enterprise Fund shall go to projects and activities of small- and medium-sized businesses in Colombia working to close the digital divide, enabling digital transformation, and developing and applying advanced digital technologies, including big data, artificial intelligence, and the Internet of things. Not less than 50 percent of the investments, grants, and expenditures, of the Colombian-American Enterprise Fund shall go to small- and medium-sized businesses owned by women. Small- and medium-sized businesses dedicated to advancing the growth, sustainability, modernization, and formalization of Colombia’s agriculture sector. Not later than 15 days before designating an organization to operate as the Colombia-American Enterprise Fund pursuant to subsection (a), the President shall notify the Chairmen and Ranking Members of the appropriate congressional committees of— the identity of the organization to be designated to operate as the Colombian-American Enterprise Fund; the names and qualifications of the individuals who will comprise the initial Board of Directors; and the amount of the grant intended to fund the Colombian-American Enterprise Fund. Not later than one year after the designation of the Fund, and annually thereafter, the President shall brief the appropriate congressional committees on— a summary of the Fund’s beneficiaries; progress by the Fund in achieving the purposes set forth in subsection (b); recommendations on how the Fund can better achieve the purposes set forth in subsection (b); and the reporting requirements described in subsection (h). The Colombian-American Enterprise Fund shall be subject to the reporting and oversight requirements described in paragraphs
(7)and
(8)of section 1421(g) of the BUILD Act of 2018 ( 22 U.S.C. 9621(g) ), respectively. To the maximum extent practicable, the Board of Directors of the Colombian-American Enterprise Fund should adopt the best practices and procedures used by other American Enterprise Funds, including those for which funding has been made available pursuant to section 201 of the Support for East European Democracy
(SEED)Act of 1989 ( 22 U.S.C. 5421 ). In implementing this section, the President shall ensure that the articles of incorporation of the Colombia-American Enterprise Fund (including provisions specifying the responsibilities of the Board of Directors of the Fund) and the terms of United States Government grant agreements with the Fund are, to the maximum extent practicable, consistent with the articles of incorporation and the terms of grant agreements established for other American Enterprise Funds, including those established pursuant to section 201 of the Support for East European Democracy
(SEED)Act of 1989 ( 22 U.S.C. 5421 ) and comparable provisions of law. Any funds resulting from the liquidation, dissolution, or winding up of the Colombian-American Enterprise Fund, in whole or in part, shall be returned to the Treasury of the United States. The Colombian-American Enterprise Fund shall terminate on— the date that is 10 years after the date of the first expenditure of amounts from the fund; or the date on which the fund is liquidated.
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