(a) Establishment.—Beginning on the date that is 180 days after the date of the enactment of this Act [Dec. 27, 2020], the Chief Executive Officer of the United States International Development Finance Corporation (referred to in this section as the ‘Chief Executive Officer’ and the ‘Corporation’, respectively) is authorized to establish a program to provide investments in, and support to, entities that carry out projects that contribute to the development of the Palestinian private sector economy in the West Bank and Gaza. The program established under this subsection shall be known as the ‘Joint Investment for Peace Initiative’ (referred to in this section as the ‘Initiative’) and shall be subject to all existing terms, conditions, restrictions, oversight requirements, and applicable provisions of law, including the Better Utilization of Investments Leading to Development Act of 2018 (22 U.S.C. 9611 et seq) [div. F of Pub. L. 115–254, 22 U.S.C. 9601 et seq.], including through strict adherence to the less-developed country focus under section 1412(c) of such Act [22 U.S.C. 9612(c)].
“(b) Participation Requirement.—In carrying out the Initiative, the Chief Executive Officer shall ensure participation by small and medium-sized enterprises owned by Palestinians, which may include the technology sector, the agriculture sector, and other high value-added or emerging industries.
“(c) Priority.—In carrying out the Initiative, the Chief Executive Officer shall prioritize support to projects that increase economic cooperation between Israelis and Palestinians.
“(d) Use of Existing Authorities.—In carrying out the Initiative, the Chief Executive Officer shall utilize the authorities under section 1421 of the Better Utilization of Investments Leading to Development Act of 2018 (22 U.S.C. 9621), including to—“(1) select a manager of the Initiative;
“(2) oversee and direct the operation of the Initiative consistent with such Act and other provisions of law;
“(3) provide the Initiative with loans, guaranties, equity, and insurance, as appropriate, to enable the Initiative to attract private investment;
“(4) support the private sector in entering into joint ventures between Palestinian and Israeli entities; and
“(5) carry out the purposes of the Initiative consistent with the provisions of this section and other applicable provisions of law.
“(e) Annual Report.—“(1) In general.—Not later than December 31, 2021, and each December 31 thereafter until December 31, 2031, the Chief Executive Officer shall submit to the appropriate congressional committees a report that describes the following:“(A) The extent to which the Initiative has contributed to promoting and supporting Palestinian economic development.
“(B) The extent to which the Initiative has contributed to greater integration of the Palestinian economy into the international rules-based business system.
“(C) The extent to which projects that increase economic cooperation between Palestinians and Israelis and between Palestinians and Americans have been prioritized, including through support to the private sector to enter into joint ventures.
“(D) Information on the following:“(i) Investments received and provided through the Initiative.
“(ii) The mechanisms established for transparency and accountability of investments provided through the Initiative.
“(E) The extent to which entities supported by the Initiative have impacted the efficacy of people-to-people programs.
“(F) To the extent practicable, an assessment of the sustainability of commercial endeavors that receive support from the Initiative.
“(G) A description of the process for vetting and oversight of entities eligible for support from the Initiative to ensure compliance with the requirements of section 8006(b) of this Act [probably means “this title”].
“(2) Form.—The reports required under this subsection shall be submitted in unclassified form, without the designation ‘For Official Use Only’ or any related or successor designation, but may be accompanied by a classified annex.
“(f) Termination.—“(1) In general.—The Initiative shall terminate at the end of the fiscal year that is 10 years after the date on which the Chief Executive Officer makes the first investment under the Initiative.
“(2) Exception.—The Chief Executive Officer is authorized to continue to manage investments made under the Initiative on and after the date specified in paragraph (1).
“(g) Coordination.—The Chief Executive Officer shall coordinate with the Secretary of State and the Administrator of the United States Agency for International Development in carrying out the provisions of this section.