Sec. 102. Less developed country focus
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Section 1412 of the Better Utilization of Investments Leading to Development Act of 2018 ( 22 U.S.C. 9612 ) is amended by striking subsection
(c)and inserting the following: The Corporation shall prioritize the provision of support under title II in less developed countries. The Corporation may provide support under title II in an upper-middle-income country if, prior to providing the support, the Chief Executive Officer certifies in writing to the appropriate congressional committees that such support— is designed to produce significant developmental outcomes or provide developmental benefits to the poorest population of such country; and furthers the national economic or foreign policy interests of the United States. The Corporation may provide support under title II in a high-income country, subject to following conditions: With respect to support for all projects in such countries, the aggregate amount of such support may not exceed 10 percent of the maximum contingent liability of the Corporation authorized to be outstanding pursuant to section 1433. With respect to support for any single project in such a country— the Corporation shall seek to minimize its support to a level necessary to achieve the development and foreign policy goals of the United States; the Chief Executive Officer shall certify to the appropriate congressional committees that the Corporation has made all reasonable efforts to ensure that— the support is a preferred alternative to state-directed investments by foreign countries of concern or otherwise furthers the strategic interest of the United States to counter or limit the influence of foreign countries of concern; private sector entities have been afforded an opportunity to support the project on viable terms in lieu of support by the Corporation; and the support is designed to produce significant developmental outcomes or provide developmental benefits to the poorest population of such country. Not later than 120 days after the date of the enactment of this subsection, and annually thereafter, the Corporation shall submit to the appropriate congressional committees a list of all high-income countries in which the Corporation anticipates providing support in the subsequent fiscal year, and, to the extent practicable, a description of the type of projects anticipated. In this subsection, the term foreign country of concern has the meaning given that term in section 231.102 of title 15, Code of Federal Regulations. .
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Sec. 102
Less developed country focus
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