(a) Initiation of fundsIt is the sense of the Congress that the Overseas Private Investment Corporation 11 See Transfer of Functions note below. should exercise the authorities it has to initiate an equity fund or equity funds in support of projects in the countries in sub-Saharan Africa, in addition to the existing equity fund for sub-Saharan Africa created by the Corporation.
(b) Structure and types of funds(1) StructureEach fund initiated under subsection (a) should be structured as a partnership managed by professional private sector fund managers and monitored on a continuing basis by the Corporation.
(2) CapitalizationEach fund should be capitalized with a combination of private equity capital, which is not guaranteed by the Corporation, and debt for which the Corporation provides guaranties.
(3) Infrastructure fundOne or more of the funds, with combined assets of up to $500,000,000, should be used in support of infrastructure projects in countries of sub-Saharan Africa.
(4) EmphasisThe Corporation shall ensure that the funds are used to provide support in particular to women entrepreneurs and to innovative investments that expand opportunities for women and maximize employment opportunities for poor individuals.
(c) Overseas Private Investment Corporation(1) Omitted
(2) Reports to CongressWithin 6 months after May 18, 2000, and annually for each of the 4 years thereafter, the Board of Directors of the Overseas Private Investment Corporation 1 shall submit to Congress a report on the steps that the Board has taken to implement section 2193(e) 22 See References in Text note below. of title 22 and any recommendations of the investment advisory council established pursuant to such section.
(Pub. L. 106–200, title I, § 123, May 18, 2000, 114 Stat. 269.)
Editorial Notes
References in TextSection 2193(e) of title 22, referred to in subsec. (c)(2), was repealed by Pub. L. 115–254, div. F, title VI, § 1464(2), Oct. 5, 2018, 132 Stat. 3513.
Codification
Section is comprised of section 123 of Pub. L. 106–200. Subsec. (c)(1) of section 123 of Pub. L. 106–200 amended section 2193 of Title 22, Foreign Relations and Intercourse.
Statutory Notes and Related Subsidiaries
Transfer of Functions
For transfer of functions, personnel, assets, and liabilities of the Overseas Private Investment Corporation to the United States International Development Finance Corporation and treatment of related references, see sections 9683 and 9686(d) of Title 22, Foreign Relations and Intercourse.