Sec. 8711. Definitions
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Section 1402 of the Better Utilization of Investments Leading to Development Act of 2018 ( 22 U.S.C. 9601 ) is amended— by redesignating paragraphs (1), (2), (3), and
(4)as paragraphs (2), (5), (6), and (7), respectively; by inserting before paragraph (2), as so redesignated, the following: The term advancing income country , with respect to a fiscal year for the Corporation, means a country the gross national income per capita of which at the start of such fiscal year is— greater than the World Bank threshold for initiating the International Bank for Reconstruction and Development graduation process; and is equal to or less than the per capita income threshold for classification as a high-income economy (as defined by the World Bank). ; by inserting after paragraph (2), as so redesignated, the following: The term country of concern means any of the following countries: The Bolivarian Republic of Venezuela. The Republic of Cuba. The Democratic People’s Republic of Korea. The Islamic Republic of Iran. The People’s Republic of China. The Russian Federation. The Republic of Belarus. The term high-income country , with respect to a fiscal year for the Corporation, means a country with a high-income economy (as defined by the World Bank) at the start of such fiscal year but does not include any wealthy country except to the extent investments in such wealthy country are permitted pursuant to section 1412(f). ; by striking paragraph (5), as so redesignated, and inserting the following: The term less developed country , with respect to a fiscal year for the Corporation, means a country the gross national income per capita of which at the start of such fiscal year is equal to or less than the World Bank threshold for initiating the International Bank for Reconstruction Development graduation process. ; and by adding at the end the following: The term wealthy country , with respect to a fiscal year for the Corporation— means a country that is among the top 20 countries with the highest gross domestic product per capita at purchasing power parity, as calculated by the World Bank; and does not include members of the Five Eyes alliance or the overseas territories of the 20 countries referred to in subparagraph (A). .
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