‘‘SEC. 233. INVESTMENT INSURANCE, FINANCING, AND
OTHER PROGRAMS.
‘‘(a) INVESTMENT INSURANCE.—
‘‘(1) RISKS FOR WHICH INSURANCE ISSUED.—
The Corporation is authorized to issue insurance,
upon such terms and conditions as the Corporation
may determine, to eligible investors assuring protec-
tion in whole or in part against any or all of the fol-
lowing risks with respect to projects which the Cor-
poration has approved:
‘‘(A) Inability to convert into United
States dollars other currencies, or credits in
such currencies, received as earnings or profits
from the approved project, as repayment or re-
turn of the investment in the project, in whole
or in part, or as compensation for the sale or
disposition of all or any part of the investment.
‘‘(B) Loss of investment, in whole or in
part, in the approved project due to expropria-
tion or confiscation by action of a foreign gov-
ernment.
‘‘(C) Loss due to war, revolution, insurrec-
tion, or civil strife.
‘‘(D) Loss due to business interruption
caused by any of the risks set forth in subpara-
graphs (A), (B), and (C).
‘‘(2) RISK SHARING ARRANGEMENTS WITH FOR-
EIGN GOVERNMENTS AND MULTILATERAL ORGANIZA-
TIONS.—Recognizing that major private investments
in eligible countries or areas are often made by en-
terprises in which there is multinational participa-
tion, including significant United States private par-
ticipation, the Corporation may make arrangements
with foreign governments (including agencies, instru-
mentalities, and political subdivisions thereof) and
with multilateral organizations and institutions for
sharing liabilities assumed under investment insur-
ance for such investments and may, in connection
with such arrangements, issue insurance to investors
not otherwise eligible for insurance under this title,
except that—
‘‘(A) liabilities assumed by the Corporation
under the authority of this paragraph shall be
consistent with the purposes of this title; and
‘‘(B) the maximum share of liabilities so
assumed shall not exceed the proportionate par-
ticipation by eligible investors in the project.
‘‘(3) MAXIMUM CONTINGENT LIABILITY WITH
RESPECT TO SINGLE INVESTOR.—Not more than 10
percent of the maximum contingent liability of in-
vestment insurance which the Corporation is per-
mitted to have outstanding under section 235(a)(1)
shall be issued to a single investor.
‘‘(b) INVESTMENT FINANCING.—
‘‘(1) DIRECT LENDING.—(A) The Corporation
is authorized to make loans in United States dollars,
repayable in dollars, and to make loans in foreign
currencies, to firms privately owned or of mixed pri-
vate and public ownership, upon such terms and
conditions as the Corporation may determine.
‘‘(B) The Corporation may designate up to 25
percent of any loan under this paragraph for use in
the development or adaptation in the United States
of new technologies or new products or services that
are to be used in the project for which the loan is
made and are likely to contribute to the economic or
social development of less developed countries.
‘‘(2) EQUITY INVESTMENT.—(A) The Corpora-
tion is authorized to purchase, invest in, or other-
wise acquire equity securities or securities with eq-
uity characteristics of any firm or entity, upon such
terms and conditions as the Corporation may deter-
mine, to be funded in the same manner as direct
loans under the Federal Credit Reform Act of 1990
for the purpose of providing capital for any project
which is consistent with the provisions of this title,
subject to the limitations in subparagraph (B).
‘‘(B)(i) The aggregate amount of the Corpora-
tion’s equity investment under this paragraph with
respect to any project shall not exceed 30 percent of
the aggregate amount of all equity investment made
with respect to such project at the time that the
Corporation’s equity investment is made (excluding
any securities acquired through the enforcement of
any lien, pledge, or contractual arrangement as a re-
sult of a default by any party under any agreement
relating to the terms of the Corporation’s invest-
ment).
‘‘(ii) The Corporation’s equity investment under
this paragraph with respect to any project, when
added to any other investments made or guaranteed
by the Corporation under this subsection with re-
spect to such project, shall not cause the aggregate
amount of all such investment to exceed, at the time
any such investment is made or guaranteed by the
Corporation, 75 percent of the total investment com-
mitted to such project, as determined by the Cor-
poration. The determination of the Corporation
under this clause shall be conclusive for purposes of
the Corporation’s authority to make or guarantee
any such investment.
‘‘(C) In making investment decisions under this
paragraph, the Corporation shall give consideration
to the extent to which the Corporation’s equity in-
vestment will assist in obtaining the financing re-
quired for such projects.
‘‘(D) Taking into consideration, among other
things, the Corporation’s financial interests and the
desirability of fostering the development of local cap-
ital markets in emerging democracies, economies in
transformation, and less developed countries, the
Corporation shall endeavor to dispose of any equity
interest it may acquire under this paragraph within
a period of 10 years from the date of acquisition of
such interest.
‘‘(3) INVESTMENT GUARANTEES.—(A) The Cor-
poration is authorized to issue to eligible investors
guarantees of loans and other investments made by
such investors assuring against loss due to such
risks and upon such terms and conditions as the
Corporation may determine, subject to subpara-
graphs (B) and (C).