Sec. 173. Promoting responsible development alternatives to the Belt and Road Initiative and Global Development Initiative
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The President should seek opportunities to partner with multilateral development finance institutions to develop financing tools based on shared development finance criteria and mechanisms to support investments in developing countries that— support low carbon economic development; and promote resiliency and adaptation to environmental changes. The Chief Executive Officer of the United States International Development Finance Corporation should seek to partner with other multilateral development finance institutions and development finance institutions to leverage the respective available funds to support low carbon economic development, which may include nuclear energy projects, environmental adaptation, and resilience activities in developing countries.
Subject to paragraph (2), the Secretary of State, the Administrator of the United States Agency for International Development, and other relevant agency heads may co-finance, or provide joint support for, infrastructure projects that advance the development of the United States overseas and provide viable alternatives to projects that would otherwise be included within the PRC’s Belt and Initiative and Global Development Initiative. Co-financing agreements and arrangements authorized pursuant to paragraph
(1)may not be approved unless— the projects to be financed— promote the public good; and will have substantially lower environmental impact than the proposed Belt and Road Initiative and Global Development Initiative alternative; and the appropriate committees of Congress are notified not later than 15 days in advance of entering into such co-financing arrangements.