(4) to provide capital and financing for United 
States companies to make it easier to invest in re-
newable energy projects in smaller and developing 
markets; and 
(5) to provide financing to partner countries to 
help purchase battery solutions that contribute to re-
liable and affordable electricity prices. 
(b) APPLICATION.—To be eligible to receive a loan 
under the program, an eligible Latin American or Carib-
bean partner country shall submit to the Secretary of the 
Treasury an application at such time, in such manner, and 
containing such information as the Secretary may require. 
At minimum, the Secretary shall require an applicant to 
provide— 
(1) information about the energy projects that 
will be supported through these funds, including 
their economic and technical viability, feasibility to 
attract funding from the private sector, net carbon 
impact, the potential to use United States goods and 
services during project implementation, and en-
hancement of energy market integration; 
(2) data on how funds will support equitable 
job creation; 
(3) information regarding environmental im-
pact, including on biodiversity; 
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(4) data on the impact upon marginalized com-
munities; and 
(5) certification that no funds shall be used to 
purchase a commodity from or support in any man-
ner a corporation or state-owned enterprise that has 
an ownership relationship with the Government of 
the People’s Republic of China or the Chinese Com-
munist Party, the Government of the Russian Fed-
eration, or any other foreign adversary or malign in-
fluence. 
(c) PREFERENCE.—In selecting among applications 
for a loan under this section, the Secretary of State shall 
give preference to an eligible Latin American or Caribbean 
partner country that shares democratic values, respect for 
human rights, and economic freedom, as determined by 
the Secretary of State, including members of the Alliance 
for Development in Democracy (the Dominican Republic, 
Costa Rica, Panama, and Ecuador) and the Caribbean 
Community (CARICOM). 
(d) LOAN CONDITIONS.—A loan provided under the 
program— 
(1) shall be— 
(A) a zero-interest loan, not to exceed 30 
years in duration; or 
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(B) a low-interest concessional loan, not to 
exceed 50 years in duration; 
(2) shall not contain any requirements that an 
eligible Latin American or Caribbean partner coun-
try engage in austerity measures or policies that in-
crease poverty and inequality, diminish the quality of 
life, and threaten the immediate access of goods and 
services; 
(3) shall ensure that no funds are used to pur-
chase a commodity from or support in any manner 
a corporation or state-owned enterprise that has an 
ownership relationship with the Government of the 
People’s Republic of China or the Chinese Com-
munist Party, the Government of the Russian Fed-
eration, or any other foreign adversary or malign 
actor; and 
(4) shall be subject to such other terms and 
conditions as the Secretary of the Treasury, in con-
currence with the Secretary of State, determines to 
be appropriate. 
(e) REPORT.— 
(1) IN
GENERAL.—Not later than one year 
after the date of the enactment of this Act, and an-
nually thereafter for 4 years, the Secretary of the 
Treasury, in concurrence with the Secretary of 
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State, and in consultation with the Secretary of En-
ergy and the heads of other relevant Federal depart-
ments and agencies, shall submit to the Committee 
on Foreign Affairs and the Committee on Appro-
priations of the House of Representatives and the 
Committee on Foreign Relations and the Committee 
on Appropriations of the Senate a report on 
progress in the implementation of the program. 
(2) MATTERS TO BE INCLUDED.—The report 
shall— 
(A) include a description of how the pro-
gram strengthens United States national secu-
rity and economic interests in Latin America 
and the Caribbean; 
(B) include an assessment of— 
(i) the status and effectiveness of cur-
rent efforts by regional governments, mul-
tilateral development banks, and the pri-
vate sector to promote energy security in 
Latin America and the Caribbean and to 
transition to clean energy practices; 
(ii) major challenges hindering such 
efforts; and 
(iii) how the United States can 
strengthen the effectiveness of such efforts; 
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(C) identify how activities by the Depart-
ment of State, the United States Agency for 
International Development, the United States 
International Development Finance Corpora-
tion, and other related agencies can effectively 
be leveraged to strengthen and promote energy 
independence and security in Latin America 
and the Caribbean; 
(D) assess diplomatic initiatives taken to 
secure specific national commitments by govern-
ments of eligible Latin American and Caribbean 
partner countries to undertake efforts to pro-
mote energy security and independence in the 
region, address corruption and rule of law con-
cerns, modernize digital and physical infrastruc-
ture, improve ease of doing business, and fi-
nance and incentivize energy security initiatives; 
and 
(E) detail coordination of efforts with rel-
evant multilateral development banks to ad-
vance energy security and independence of eligi-
ble Latin American and Caribbean partner 
countries. 
(f) ANNUAL AUDIT.—The Secretary of the Treas-
ury— 
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