22 USC 9611 - Statement of policy

Collapse to view only § 9611. Statement of policy

§ 9611. Statement of policy
§ 9612. United States International Development Finance Corporation
§ 9613. Management of Corporation
§ 9614. Independent accountability mechanism

§ 9611. Statement of policy

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.

(Pub. L. 115–254, div. F, title I, § 1411, Oct. 5, 2018, 132 Stat. 3486.)

§ 9612. United States International Development Finance Corporation

(a) Establishment

(b) Purpose

(1) Less developed country focus

(2) Advancing income countries

(3) High-income countries

(A) In general

(B) ReportNot later than 120 days after December 18, 2025, and annually thereafter, the Corporation shall submit to the appropriate congressional committees a report, which may be submitted in classified or confidential form, that includes—

(i) a list of all high-income countries in which the Corporation anticipates providing support in the subsequent fiscal year (and, with respect to the first such report, the then-current fiscal year); and

(ii) to the extent practicable, a description of the type of projects anticipated to receive such support.

(4) Continuation of eligibility

(d) Strategic investments policy

(1) In general

(2) Investment policy for advancing income countriesAny policy used to evaluate and determine the strategic merits of providing support for projects in an advancing income country shall require that such projects—

(A) advance—

(i) the national security interests of the United States in accordance with United States foreign policy, as determined by the Secretary of State; or

(ii) significant strategic economic competitiveness imperatives;

(B) are designed in a manner to produce significant developmental outcomes or provide developmental impacts to the poorest populations of such country; and

(3) Investment policy for high-income countriesAny policy used to evaluate and determine the strategic merits of providing support for projects in high-income countries shall require that—

(A) each such project meets the requirements described in paragraph (2);

(B) with respect to each project in a high-income country—

(i) private sector entities have been afforded an opportunity to support the project on viable terms in place of support by the Corporation; and

(ii) such support by the Corporation does not exceed 25 percent of the total cost of the project;

(C) with respect to support for all projects in all high-income countries, the aggregate amount of such support does not exceed 10 percent of the total contingent liability authorized by section 9633 of this title; and

(D) the Chief Executive Officer submit to the appropriate congressional committees a report, which may be submitted as an appendix to a report required by section 9656 of this title, that—

(i) certifies that the Corporation has applied the policy to each supported project in a high-income country; and

(ii) describes whether such support—(I) is a preferred alternative to state-directed investments by a foreign country of concern; or(II) otherwise furthers the strategic interest of the United States to counter or limit the influence of foreign countries of concern.

(e) Ineligible countriesThe Corporation shall not provide support for a project in—

(1) a country of concern; or

(2) a wealthy country, except to the extent permitted pursuant to subsection (f).

(f) Sectoral exceptionsSubject to the requirements in subsection (d)(3), the restriction in subsection (e)(2) shall not apply to projects in the following sectors:

(1) Energy.

(2) Critical minerals and rare earths.

(3) Information and communications technology, including undersea cables.

(g) Sense of CongressIt is the sense of Congress that—

(1) the Corporation should continuously operate in a manner that advances its core mission and purposes, as described in this title; and

(2) resources of the Corporation should not be diverted for domestic or other activities extending beyond the scope of such mission and purpose.

(Pub. L. 115–254, div. F, title I, § 1412, Oct. 5, 2018, 132 Stat. 3486; Pub. L. 119–60, div. H, title LXXXVII, § 8712, Dec. 18, 2025, 139 Stat. 1947.)

§ 9613. Management of Corporation

(a) Structure of Corporation

(b) Board of Directors

(1) DutiesAll 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 bylaws, rules, regulations, policies, and procedures governing the manner in which the business of the Corporation may be conducted 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 meaningful public participation in the Board’s activities.

(2) Membership of Board

(A) In generalThe Board shall consist of—

(i) the Chief Executive Officer of the Corporation;

(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 3 individuals 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 3 individuals submitted by the minority leader of the Senate after consultation with the ranking member of the Committee on Foreign Relations of the Senate;(III) one individual should be appointed from among a list of at least 3 individuals submitted by the Speaker of the House of Representatives after consultation with the chairman of the Committee on Foreign Affairs of the House of Representatives; and(IV) one individual should be appointed from among a list of at least 3 individuals submitted by the minority leader of the House of Representatives after consultation with the ranking member of the Committee on Foreign Affairs of the House of Representatives.

(B) Officers specified

(i) In generalThe officers specified in this subparagraph are the following:(I) The Secretary of State or a designee of the Secretary.(II) The Administrator of the United States Agency for International Development or a designee of the Administrator.(III) The Secretary of the Treasury or a designee of the Secretary.(IV) The Secretary of Commerce or a designee of the Secretary.

(ii) Requirements for designeesA designee under clause (i) shall be selected from among officers—(I) appointed by the President, by and with the advice and consent of the Senate;(II) whose duties relate to the programs of the Corporation; and(III) who is designated by and serving at the pleasure of the President.

(i) may not be an officer or employee of the United States Government;

(ii) shall have relevant experience, which may include experience relating to the private sector, the environment, labor organizations, or international development, to carry out the purpose of the Corporation;

(iii) shall be appointed for a term of 3 years and may be reappointed for one additional term;

(iv) shall serve until the member’s successor is appointed and confirmed;

(v) shall be compensated at a rate equivalent to that of level IV of the Executive Schedule under section 5315 of title 5 when engaged in the business of the Corporation; and

(vi) may be paid per diem in lieu of subsistence at the applicable rate under the Federal Travel Regulation under subtitle F of title 41, Code of Federal Regulations, from time to time, while away from the home or usual place of business of the member.

(3) Chairperson

(4) Vice chairperson

(5) Quorum

(6) Sunshine act compliance

(1) hold at least 2 public hearings each year in order to afford an opportunity for any person to present views with respect to whether—

(A) the Corporation is carrying out its activities in accordance with this chapter; and

(B) any support provided by the Corporation under subchapter II of this chapter in any country should be suspended, expanded, or extended;

(2) as necessary and appropriate, provide responses to the issues and questions discussed during each such hearing following the conclusion of the hearing;

(3) post the minutes from each such hearing on a website of the Corporation and, consistent with applicable laws related to privacy and the protection of proprietary business information, the responses to issues and questions discussed in the hearing; and

(4) implement appropriate procedures to ensure the protection from unlawful disclosure of the proprietary information submitted by private sector applicants marked as business confidential information unless—

(A) the party submitting the confidential business information waives such protection or consents to the release of the information; or

(B) to the extent some form of such protected information may be included in official documents of the Corporation, a nonconfidential form of the information may be provided, in which the business confidential information is summarized or deleted in a manner that provides appropriate protections for the owner of the information.

(d) Chief Executive Officer

(1) Appointment

(2) Authorities and duties

(3) Relationship to boardThe Chief Executive Officer shall—

(A) report to and be under the direct authority of the Board; and

(B) take input from the Board when assessing the performance of the Chief Risk Officer, established pursuant to subsection (f), the Chief Development Officer, established pursuant to subsection (g), and the Chief Strategic Officer, established pursuant to subsection (h).

(4) Omitted

(e) Deputy Chief Executive Officer

(f) Chief Risk Officer

(1) Appointment

(2) Duties and responsibilitiesThe Chief Risk Officer shall—

(A) report directly to the Chief Executive Officer;

(B) support the risk committee of the Board established under section 9651 of this title in carrying out its responsibilities as set forth in subsection (b) of that section, including by—

(i) developing, implementing, and managing a comprehensive framework and process for identifying, assessing, and monitoring risk;

(ii) developing a transparent risk management framework designed to evaluate risks to the Corporation’s overall portfolio, giving due consideration to the policy imperatives of ensuring investment and regional diversification of the Corporation’s overall portfolio;

(iii) assessing the Corporation’s overall risk tolerance, including recommendations for managing and improving the Corporation’s risk tolerance and regularly advising the Board on recommended steps the Corporation may take to responsibly increase risk tolerance; and

(iv) regularly collaborating with the Chief Development Officer and the Chief Strategic Officer to ensure the Corporation’s overall portfolio is appropriately balancing risk tolerance with development and strategic impact.

(g) Chief Development Officer

(1) AppointmentThe Chief Executive Officer, with the concurrence of the Administrator of the United States Agency for International Development, shall appoint a Chief Development Officer, from among individuals with experience in international development and development finance, who—

(A) shall report directly to the Chief Executive Officer; and

(B) shall be removable only by a majority vote of the Board.

(2) Duties and responsibilitiesThe Chief Development Officer shall—

(A) advise the Chief Executive Officer and the Deputy Chief Executive Officer on international development policy matters;

(B) in addition to the Chief Executive Officer and the Deputy Chief Executive Officer, represent the Corporation in interagency meetings and processes relating to international development;

(C) be an ex officio member of the Development Finance Advisory Council established under subsection (i) and participate in or send a representative to each meeting of the Council;

(D) work with other relevant Federal departments and agencies to—

(i) identify projects that advance United States international development interests; and

(ii) explore investment opportunities that bring evidence-based, cost-effective development innovations to scale in a manner that can be sustained by markets;

(E) support—

(i) coordination of the Corporation’s development policies and implementation efforts with the United States Agency for International Development, the Millennium Challenge Corporation, and other relevant Federal departments and agencies, including by directly liaising with the relevant members of United States country teams serving overseas, to ensure that such Federal departments, agencies, and country teams have the training and awareness necessary to fully leverage the Corporation’s development tools overseas;

(ii) management of employees of the Corporation that are dedicated to structuring, monitoring, and evaluating transactions and projects codesigned with other relevant Federal departments and agencies for development impact;

(iii) coordination of funds or other resources transferred to and from such Federal departments, agencies, or overseas country teams, upon concurrence of those institutions, in support of the Corporation’s international development projects or activities;

(iv) management of the responsibilities of the Corporation under paragraphs (1) and (4) of section 9652(b) of this title and paragraphs (1)(A) and (3)(A) of section 9653(b) of this title;

(v) coordination and implementation of the activities of the Corporation under section 9655 of this title; and

(vi) implementation of the Corporation’s development impact strategy and work to ensure development impact at the transaction level and portfolio-wide;

(F) foster and maintain relationships both within and external to the Corporation that enhance the capacity of the Corporation to achieve its mission to advance United States international development policy and interests; and

(G) coordinate within the Corporation to ensure United States international development policy and interests are considered together with the Corporation’s foreign policy and national security goals.

(h) Chief Strategic Officer

(1) AppointmentThe Chief Executive Officer shall appoint a Chief Strategic Officer, from among individuals with experience in United States national security matters and foreign investment, who—

(A) shall report directly to the Chief Executive Officer; and

(B) shall be removable only by a majority vote of the Board.

(2) Duties and responsibilitiesThe Chief Strategic Officer shall—

(A) advise the Chief Executive Officer and the Deputy Chief Executive Officer on national security and foreign policy matters;

(B) in addition to the Chief Executive Officer and the Deputy Chief Executive Officer, represent the Corporation in interagency meetings and processes relating to United States national security and foreign policy;

(C) be an ex officio member of the Development Finance Advisory Council established under subsection (i) and participate in or send a representative to each meeting of the Council;

(D) work with other relevant Federal departments and agencies to identify projects that advance United States national security and foreign policy priorities, including by complementing United States domestic investments in critical and emerging technologies;

(E) support—

(i) coordination of efforts to develop the Corporation’s strategic investment initiatives—(I) to counter predatory state-directed investment and coercive economic practices of adversaries of the United States;(II) to preserve the sovereignty of partner countries; and(III) to advance economic growth and national security through the highest standards of transparency, accessibility, and competition;

(ii) the establishment of performance measurement frameworks and reporting on development outcomes of strategic investments, consistent with sections 9652 and 9653 of this title; and

(iii) management of employees of the Corporation that are dedicated to ensuring that the Corporation’s activities advance United States national security and foreign policy interests, including through—(I) long-term strategic planning;(II) issue and crisis management;(III) the advancement of strategic initiatives; and(IV) strategic planning on how the Corporation’s foreign investments may complement United States domestic production of critical and emerging technologies;

(F) foster and maintain relationships both within and external to the Corporation that enhance the capacity of the Corporation to achieve its mission to advance United States national security and foreign policy interests; and

(G) collaborate with the Chief Development Officer to ensure United States national security interests are considered together with the Corporation’s development policy goals.

(i) Officers and employees

(1) In general

(2) Administratively determined employees

(A) Appointment; compensation; removalOf officers and employees employed by the Corporation under paragraph (1), not more than 100 may be appointed, compensated, or removed without regard to title 5, and such positions—

(i) shall be reserved for individuals meeting the expert qualifications established by the Corporation’s qualification review board; and

(ii) should be prioritized for the development of the Corporation’s next generation of talent, particularly for the recruitment of early career financial or legal sector equivalent positions..1

1 So in original. Second period probably should not appear.

(B) Reinstatement

(D) Rates of pay for officers and employees

(3) Liability of employees

(A) In general

(B) Rule of construction

(D) Savings provisionThis paragraph shall not be construed—

(i) to affect—(I) any other immunities and protections that may be available to an individual described in subparagraph (A) under applicable law with respect to a transaction described in that subparagraph; or(II) any other right or remedy against the Corporation, against the United States under applicable law, or against any person other than an individual described in subparagraph (A) participating in such a transaction; or

(ii) to limit or alter in any way the immunities that are available under applicable law for Federal officers and employees not described in this paragraph.

(j) Development Advisory Council

(1) In general

(2) Membership

(3) Functions

(4) Board meetings

(5) AdministrationThe Board shall—

(A) prioritize maintaining the full membership and composition of the Council;

(B) inform the Committee on Foreign Relations of the Senate and the Committee on Foreign Affairs of the House of Representatives when a vacancy of the Council occurs, including the date that the vacancy occurred; and

(C) for any vacancy on the Council that remains for 120 days or more, submit a report to the Committee on Foreign Relations of the Senate and the Committee on Foreign Affairs of the House of Representatives explaining why a vacancy is not being filled and provide an update on progress made toward filling such vacancy, including a reasonable estimation for when the Board expects to have the vacancy filled.

(6) Federal Advisory Committee Act

(k) Congressional Strategic Advisory Group

(1) Establishment

(2) CompositionThe Group shall be composed of the following:

(A) The Chief Executive Officer.

(B) Other representatives of the Corporation, as deemed necessary by the Chief Executive Officer.

(D) The Strategic Advisors of the House of Representatives, as described in paragraph (3)(B).

(3) Strategic Advisors of the Senate and the House of Representatives

(A) Strategic Advisors of the Senate

(i) Establishment

(ii) CompositionThe group established by clause (i) shall be composed of the following:(I) The chair of the Committee on Foreign Relations of the Senate, who shall serve as chair of the Strategic Advisors of the Senate.(II) The ranking member of the Committee on Foreign Relations of the Senate, who shall serve as vice-chair of the Strategic Advisors of the Senate.(III) Not more than 6 additional individuals who are members of the Committee on Foreign Relations of the Senate, designated by the chair, with the consent of the ranking member.

(B) Strategic Advisors of the House of Representatives

(i) Establishment

(ii) CompositionThe group established by clause (i) shall be composed of the following:(I) The chair of the Committee on Foreign Affairs of the House of Representatives, who shall serve as chair of the Strategic Advisors of the House.(II) The ranking member of the Committee on Foreign Affairs of the House of Representatives, who shall serve as vice-chair of the Strategic Advisors of the House.(III) Not more than 6 additional individuals who are members of the Committee on Foreign Affairs of the House of Representatives, designated by the chair, with the consent of the ranking member.

(4) ObjectivesThe Chief Executive Officer shall consult with the Strategic Advisors of the Senate and the Strategic Advisors of the House of Representatives established under paragraph (3) in order to solicit and receive congressional views and advice on the strategic priorities and investments of the Corporation, including—

(A) the challenges presented by adversary countries to the national security interests of the United States and strategic objectives of the Corporation’s investments;

(B) priority regions, countries, and sectors that require focused consideration for strategic investment;

(C) the priorities and trends pursued by similarly-situated development finance institutions of friendly nations, including opportunities for partnerships, complementarity, or coinvestment;

(D) evolving methods of financing projects, including efforts to partner with public sector and private sector institutional investors;

(E) institutional or policy changes required to improve efficiencies within the Corporation; and

(F) potential legislative changes required to improve the Corporation’s performance in meeting strategic and development imperatives.

(5) Meetings

(A) Times

(B) Agenda

(D) Classified setting

(l) Strategic priorities plan

(1) Plan requiredBased upon guidance received from the Group established pursuant to subsection (k) of this section, the Chief Executive Officer shall develop a Strategic Priorities Plan, which shall provide—

(A) guidance for the Corporation’s strategic investments portfolio and the identification and engagement of priority strategic investment sectors and regions of importance to the United States; and

(B) justifications for the certifications of such investments in accordance with section 9612(c) of this title.

(2) EvaluationsThe Strategic Priorities Plan should determine the objectives and goals of the Corporation’s strategic investment portfolio by evaluating economic, security, and geopolitical dynamics affecting United States strategic interests, including—

(A) determining priority countries, regions, sectors, and related administrative actions;

(B) plans for the establishment of regional offices outside of the United States;

(i) is necessary;

(ii) would be the preferred alternative to state-directed investments by foreign countries of concern; or

(iii) otherwise furthers the strategic interests of the United States to counter or limit the influence of foreign countries of concern;

(D) evaluating the interest and willingness of potential private finance institutions and private sector project implementers to partner with the Corporation on strategic investment projects; and

(E) identifying bilateral and multilateral project finance partnership opportunities for the Corporation to pursue with United States partner and ally countries.

(3) Revisions

(4) TransparencyThe Chief Executive Officer shall publish, on a website of the Corporation—

(A) procedures for applying for products offered by the Corporation; and

(B) any other appropriate guidelines and compliance restrictions with respect to designated strategic priorities.

(m)Report on the feasibility of establishing a development finance education program at the Foreign Service Institute

(1) In general

(2) ElementsThe report required by paragraph (1) shall include a description of how a proposed class would be structured to ensure an appropriate level of training in development finance, including descriptions of—

(A) the potential benefits and challenges of development finance as a component of United States foreign policy in promoting development outcomes and in promoting United States interests in advocating for the advancement of free-market principles;

(B) the operations of the Corporation, generally, and a comparative analysis of similarly situated development finance institutions, both bilateral and multilateral;

(D) the anticipated foreign service consumers of any proposed classes on development finance;

(E) the resources that may be required to establish such training classes, including through the use of detailed staff from the Corporation or temporary fellows brought in from the development finance community; and

(F) other relevant issues, as determined by the Secretary of State and the Chief Executive Officer of the Corporation determines appropriate.

(n) Internships

(1) In general

(2) EligibilityAn individual is eligible to participate in the Program if the applicant—

(A) is a United States citizen;

(B) is enrolled at least half-time at—

(i) an institution of higher education (as such term is defined in section 1002(a) of this title); or

(ii) an institution of higher education based outside the United States, as determined by the Secretary of State; and

(3) Selection

(4) Compensation

(A) Housing assistance

(B) Travel assistanceThe Chief Executive Officer shall provide to an eligible individual participating in the Program, whose permanent address is within the United States, financial assistance that is sufficient to cover the travel costs of a single round trip by air, train, bus, or other appropriate transportation between the eligible individual’s permanent address and the location of the internship in which such eligible individual is participating if such location is—

(i) more than 50 miles from the eligible individual’s permanent address; or

(ii) outside of the United States.

(5) Voluntary participation

(A) In general

(B) Privacy protection

(6) Special hiring authorityNotwithstanding any other provision of law, the Chief Executive Officer, in consultation with the Director of the Office of Personnel Management, with respect to the number of interns to be hired under this subsection each year, may—

(A) select, appoint, and employ individuals for up to 1 year through compensated internships in the excepted service; and

(B) remove any compensated intern employed pursuant to subparagraph (A) without regard to the provisions of law governing appointments in the competitive excepted service.

(7) Availability of appropriations

(Pub. L. 115–254, div. F, title I, § 1413, Oct. 5, 2018, 132 Stat. 3487; Pub. L. 119–60, div. H, title LXXXVII, §§ 8721—8730(a), 8731, 8732, Dec. 18, 2025, 139 Stat. 1949—1959.)

§ 9614. Independent accountability mechanism

(a) In general

(b) Functions

The independent accountability mechanism established pursuant to subsection (a) shall—

(1) annually evaluate and report to the Board and Congress regarding compliance with environmental, social, labor, human rights, and transparency standards, consistent with Corporation statutory mandates;

(2) provide a forum for resolving concerns regarding the impacts of specific Corporation-supported projects with respect to such standards; and

(3) provide advice regarding Corporation projects, policies, and practices.

(Pub. L. 115–254, div. F, title I, § 1415, Oct. 5, 2018, 132 Stat. 3492; Pub. L. 119–60, div. H, title LXXXVII, § 8733, Dec. 18, 2025, 139 Stat. 1960.)