Sec. 7. Projects, financing, and grants
655 words·~3 min read·
/bill/118/s/3207/is/section-7A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The Foundation shall award funding, which may include project financing, credit risk insurance, grants, concessional lending, and credit, in accordance with this section for eligible projects described in paragraph
(1)that will— increase productivity and incomes; and improve the livelihoods and nutrition of producers and communities. A project is an eligible project if it seeks— to have cost matching from sources other than the United States Government and regional multilateral organizations; to be implemented in coordination with key stakeholders; to incorporate a set of key independently verified performance metrics at the portfolio level, including rigorous measurements, such as measuring attributable increases in agricultural yields, infrastructure, or any other eligible use; to not duplicate the work of other institutions or displace current profit-making ventures; to leverage existing infrastructure and staff in eligible countries to allow for the immediate launch of projects; to demonstrate— the ability to sustainably maintain and build on the outcomes of the project after the Foundation funding has ended; or a plan to strengthen the capacity of, and transfer skills and technologic tools to, local enterprises, organizations, or institutions to manage projects and other funded entities after the Foundation funding has been expended; to consider projects that meet the highest needs of food insecure populations based on food security and malnutrition assessments; and to not duplicate the efforts included in the comprehensive global food security strategy implemented pursuant to section 5 of the Global Food Security Act of 2016 ( 22 U.S.C. 9304 ). Before entering into any project agreement pursuant to this section, the Board shall— establish criteria to determine country eligibility for the award period; and identify not more than 10 countries to receive support during such award period that— are committed to make necessary policy reforms, in accordance with subsection (a)(2), to help transform food systems; have demonstrated leadership to modernize their agricultural food systems; are committed to cofinance and sustain long-term projects implemented by the Foundation; are committed to collaborate with key stakeholders to increase agricultural production, strengthen resilient food systems, improve food safety or processing, increase access to safe, affordable, and nutritious foods, and improve related logistics and supply chain processes; and are representatives of geographically diverse regions. Not later than 5 days after the date on which the Board identifies the eligible countries for a given fiscal year, the Executive Director shall— submit a report to the appropriate congressional committees that includes— a list of such eligible countries; and justification for such eligibility determinations; and publish the information contained in the report described in subparagraph
(A)in the Federal Register. In order to maximize the impact of the funding authorized under this section, the Foundation should— coordinate with other international public and private donors to the extent possible; and seek additional financial and nonfinancial contributions and commitments for its projects from host governments. Funding awarded pursuant to this section— shall be provided to countries that demonstrate progress, during the funding period, in achieving clearly identified key performance indicators defined in the project agreement, which may include— increasing agricultural or food production through the competitive delivery of market-based financing, distribution and extension services, and supporting technology commercialization and adoption through such services; improving the nutritional status of the citizens of partner countries by— increasing the production, availability, and access of nutritious foods domestically; promoting highly nutritious foods, diet diversification, and nutritional behaviors that improve maternal and child health; and supporting the expansion of producer market opportunities; building resilient food systems to help mitigate against future food shocks among vulnerable populations and households; and identifying additional revenue sources or sustainable financing mechanisms to meet the recurring costs of projects by serving as a conduit between institutional investors and the agribusiness sector; and may be terminated if the Board determines that the country receiving such funding— is not meeting applicable requirements under this Act; or is not making progress in achieving the key performance indicators described in the project agreement.
Connectionstraces to 1
Traces to 1 document
Citation graph
cites case law
Sec. 7
Projects, financing, and grants
Cites 1Cited by 0 across 0 sources