To amend the Better Utilization of Investments Leading to Development Act of 2018 to enhance the economic and strategic competitiveness of the United States, and for other purposes.
About This Bill
Committee
Latest Action · October 3, 2023
Read twice and referred to the Committee on Foreign Relations.
This bill modifies the U.S. International Development Finance Corporation, a government agency that invests in projects overseas to advance American foreign policy and development goals. The legislation expands the Corporation's investment tools by allowing it to provide equity financing (ownership stakes) in foreign companies and projects, treating these investments differently for budgeting purposes so they don't count as heavily against federal spending limits. The bill also increases the Corporation's maximum financial exposure from 60 billion dollars to 100 billion dollars, giving it more capacity to support projects in strategically important regions. Additionally, the bill allows the Corporation to invest in fragile and conflict-affected countries designated by the World Bank or the Corporation itself, broadening where it can operate. Within six months of enactment, the Corporation's leadership must submit a detailed plan to Congress explaining how it will use these expanded authorities to support U.S. national security and development priorities.
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