Sec. 7. Millennium Challenge Compact
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Section 609 of the Millennium Challenge Act of 2003 ( 22 U.S.C. 7708 ) is amended— by amending subsection
(j)to read as follows: The implementation of a Compact shall not exceed 5 years. The Corporation shall— obligate the entire funding for a Compact upon the execution of the Compact; and consult with the appropriate congressional committees at the commencement of the implementation period of a Compact. ; and by adding at the end the following: In developing a Compact under this section or under other programs developed under section 616, the Corporation shall, to the extent practicable, engage United States private sector entities, investors, and technical experts during the early stages of project identification and design. Such engagement shall seek to— improve the feasibility and effectiveness of Compact projects; mobilize private capital to supplement assistance provided under this title; and enhance the long-term sustainability and impact of assistance provided under this title. The Corporation shall use best efforts to commence implementation of the program by ensuring that all required constraint analyses, feasibility studies, environmental assessments, economic analyses, and other forms of due diligence necessary for project commencement are conducted in an expeditious and efficient manner, consistent with the Corporation’s policies. Nothing in this subsection may be construed to authorize the circumvention of any requirements for a Compact described in subsection (b)(1). During the period beginning on which a Compact or an agreement under section 616 is entered into and ending on the date on which the Compact or agreement has commenced implementation, the Corporation shall periodically provide a written update to the Board and consult with the appropriate congressional committees to describe— the status of the program, including the anticipated date of implementation the program will commence; issues that may negatively impact the anticipated date implementation will commence and steps taken to resolve such issues; and any measures adopted with the intent to mitigate the issues identified in subparagraph
(B)for future Compacts or agreements under section 616. .
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Sec. 7
Millennium Challenge Compact
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