Sec. 147. Enhancing transatlantic cooperation on promoting private sector finance
236 words·~1 min read·
/bill/118/s/5491/is/section-147A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The President should work with transatlantic partners to enhance coordination that fosters private sector-led development and provides market-based alternatives to state-directed financing in emerging markets, particularly as related to the PRC’s Belt and Road Initiative
(BRI)and the Global Development Initiative (GDI), including by supporting efforts, including— the 2023 MOU between the Development Finance Corporation and the European Investment Bank; the European Union Strategy on Connecting Europe and Asia; the Three Seas Initiative and Three Seas Initiative Investment Fund; a European Union-Japan initiative that has leveraged $65,000,000,000 for infrastructure projects and emphasizes transparency standards; the Partnership for Global Infrastructure and Investment; and cooperation with multilateral development banks and international financial institutions, including the World Bank, International Finance Corporation, Asian Development Bank, Inter-American Development Bank, and other regional multilateral development banks. The United States should coordinate efforts with the European Union and European countries to address the Government of the PRC’s use of the United Nations to advance and legitimize BRI as a global good, including the proliferation of memoranda of understanding between the PRC and United Nations funds and programs on BRI implementation. The United States and the European Union should coordinate and develop a strategy to enhance transatlantic cooperation with the OECD and the Paris Club to provide alternatives to BRI projects for the development of critical infrastructure, including by enabling developing countries to negotiate more favorable terms that meet international performance and transparency standards.