§ 9612. United States International Development
Finance Corporation
(a) Establishment
There is established in the executive branch
the United States International Development
Finance Corporation (in this chapter referred to
as the ‘‘Corporation’’), which shall be a wholly
owned Government corporation for purposes of
chapter 91 of title 31 under the foreign policy
guidance of the Secretary of State.
(b) Purpose
The purpose of the Corporation shall be to mo-
bilize and facilitate the participation of private
sector capital and skills in the economic devel-
opment of less developed countries, as described
in subsection (c), and countries in transition
from nonmarket to market economies, in order
to complement the development assistance ob-
jectives, and advance the foreign policy inter-
ests, of the United States. In carrying out its
purpose, the Corporation, utilizing broad cri-
teria, shall take into account in its financing
operations the economic and financial soundness
and development objectives of projects for which
it provides support under subchapter II of this
chapter.
(c) Less developed country focus
(1) In general
The Corporation shall prioritize the provi-
sion of support under subchapter II of this
chapter in less developed countries with a low-
income economy or a lower-middle-income
economy.
(2) Support in upper-middle-income countries
The Corporation shall restrict the provision
of support under subchapter II of this chapter
in a less developed country with an upper-mid-
dle-income economy unless—
(A) the President certifies to the appro-
priate congressional committees that such
support furthers the national economic or
foreign policy interests of the United States;
and
(B) such support is designed to produce sig-
nificant
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Page 2272
TITLE 22—FOREIGN RELATIONS AND INTERCOURSE
§ 9612
tion [amending former section 2199(f) of this title by in-
serting ‘‘, Poland, Hungary,’’ after ‘‘Yugoslavia’’], the
amendment made by that Act shall not be effective.’’
§ 9612. United States International Development
Finance Corporation
(a) Establishment
There is established in the executive branch
the United States International Development
Finance Corporation (in this chapter referred to
as the ‘‘Corporation’’), which shall be a wholly
owned Government corporation for purposes of
chapter 91 of title 31 under the foreign policy
guidance of the Secretary of State.
(b) Purpose
The purpose of the Corporation shall be to mo-
bilize and facilitate the participation of private
sector capital and skills in the economic devel-
opment of less developed countries, as described
in subsection (c), and countries in transition
from nonmarket to market economies, in order
to complement the development assistance ob-
jectives, and advance the foreign policy inter-
ests, of the United States. In carrying out its
purpose, the Corporation, utilizing broad cri-
teria, shall take into account in its financing
operations the economic and financial soundness
and development objectives of projects for which
it provides support under subchapter II of this
chapter.
(c) Less developed country focus
(1) In general
The Corporation shall prioritize the provi-
sion of support under subchapter II of this
chapter in less developed countries with a low-
income economy or a lower-middle-income
economy.
(2) Support in upper-middle-income countries
The Corporation shall restrict the provision
of support under subchapter II of this chapter
in a less developed country with an upper-mid-
dle-income economy unless—
(A) the President certifies to the appro-
priate congressional committees that such
support furthers the national economic or
foreign policy interests of the United States;
and
(B) such support is designed to produce sig-
nificant developmental outcomes or provide
developmental benefits to the poorest popu-
lation of that country.
(Pub. L. 115–254, div. F, title I, § 1412, Oct. 5, 2018,
132 Stat. 3486.)
Editorial Notes
REFERENCES IN TEXT
This chapter, referred to in subsec. (a), was in the
original ‘‘this division’’, meaning division F of Pub. L.
115–254, Oct. 5, 2018, 132 Stat. 3485, which is classified
principally to this chapter. For complete classification
of division F to the Code, see Short Title note set out
under section 9601 of this title and Tables.
Executive Documents
DELEGATION OF AUTHORITY UNDER THE BETTER UTILIZA-
TION OF INVESTMENTS LEADING TO DEVELOPMENT ACT
OF 2018
Memorandum of President of the United States, July
7, 2020, 85 F.R. 45749, provided:
Memorandum for the Secretary of State
By the authority vested in me as President by the
Constitution and the laws of the United States of
America, including section 301 of title 3, United States
Code, I hereby delegate to the Secretary of State the
authority
vested
in
the
President
by
section
1412(c)(2)(A) of the Better Utilization of Investments
Leading to Development Act of 2018 (title I of division
F of Public Law 115–254) (the ‘‘Act’’) [22 U.S.C.
9612(c)(2)(A)] to certify to the appropriate congressional
committees that the provision of support under title II
of the Act [amending sections 9621 to 9624 of this title]
in a less developed country with an upper-middle-in-
come economy furthers the national economic or for-
eign policy interests of the United States. The delega-
tion in this memorandum shall apply to any provision
of any future public law that is the same or substan-
tially the same as the provision referenced in this
memorandum.
You are authorized and directed to publish this
memorandum in the Federal Register.
DONALD J. TRUMP.
§ 9613. Management of Corporation
(a) Structure of Corporation
There shall be in the Corporation a Board of
Directors (in this chapter referred to as the
‘‘Board’’), a Chief Executive Officer, a Deputy
Chief Executive Officer, a Chief Risk Officer, a
Chief Development Officer, and such other offi-
cers as the Board may determine.
(b) Board of Directors
(1) Duties
All powers of the Corporation shall vest in
and be exercised by or under the authority of
the Board. The Board—
(A) shall perform the functions specified to
be carried out by the Board in this chapter;
(B) may prescribe, amend, and repeal by-
laws, rules, regulations, policies, and proce-
dures governing the manner in which the
business of the Corporation may be con-
ducted and in which the powers granted to
the Corporation by law may be exercised;
and
(C) shall develop, in consultation with
stakeholders, other interested parties, and
the appropriate congressional committees, a
publicly available policy with respect to
consultations, hearings, and other forms of
engagement in order to provide for meaning-
ful public participation in the Board’s ac-
tivities.
(2) Membership of Board
(A) In general
The Board shall consist of—
(i) the Chief Executive Officer of the Cor-
poration;
(ii) the officers specified in subparagraph
(B); and
(iii) four other individuals who shall be
appointed by the President, by and with
the advice and consent of the Senate, of
which—
(I) one individual should be appointed
from among a list of at least 5 individ-
uals submitted by the majority leader of
the Senate after consultation with the
chairman of the Committee on Foreign
Relations of the Senate;
(II) one individual should be appointed
from among a list of at least 5 individ-
Cross-references
Connections may be documented source relationships, shared citations or nearby passages. Each explains its basis; a connection alone does not establish applicability to your situation.
Federal law — U.S. Code and appendices · legal_authorities
It is the policy of the United States to facilitate market-based private sector development and inclusive economic growth in less developed countries through the provision of credit, capital, and other financial support—
(1) to mobilize private capital in support of sustainable, broad-based economic growth, poverty reduction, and development through demand-driven partnerships with the private sector that further the foreign policy interests of the United States;
(2) to finance development that builds and strengthens civic institutions, promotes competition, and provides for public accountability and transparency;
(3) to help private sector actors overcome identifiable market gaps and inefficiencies without distorting markets;
(4) to achieve clearly defined economic and social development outcomes;
(5) to coordinate with institutions with purposes similar to the purposes of the Corporation to leverage resources of those institutions to produce the greatest impact;
(6) to provide countries a robust alternative to state-directed investments by authoritarian governments and United States strategic competitors using best practices with respect to transparency and environmental and social safeguards, and which take into account the debt sustainability of partner countries;
(7) to leverage private sector capabilities and innovative development tools to help countries transition from recipients of bilateral development assistance toward increased self-reliance; and
(8) to complement and be guided by overall United States foreign policy, development, and national security objectives, taking into account the priorities and needs of countries receiving support.