To establish a lending program for Latin America and the Caribbean to reaffirm the United States commitment to sustainable and equitable growth and energy security in the Western Hemisphere.
About This Bill
Committee
Latest Action · August 1, 2023
Referred to the House Committee on Foreign Affairs.
This bill establishes a lending program to help Latin American and Caribbean countries meet their energy needs and transition to clean energy. The Treasury Secretary, working with the State Department, must set up the program within 30 days of enactment and offer zero-interest loans for up to 30 years or low-interest loans for up to 50 years to eligible countries for energy projects, technical assistance, and battery storage solutions. The program will also involve U.S. diplomatic support and project assistance to improve regional energy infrastructure and market integration while prioritizing renewable energy and benefiting marginalized communities. Eligible countries include those with free trade agreements with the United States and members of regional alliances like CARICOM, though countries under U.S. sanctions or designated as state sponsors of terrorism are excluded. The bill authorizes $100 million annually from 2024 through 2029 for the program and requires annual reporting to Congress on implementation, effectiveness, and audits of the lending activities.
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