Electrify Africa Act of 2015

Bill: 114-s-1933
Sponsor: Sen. Corker, Bob [R-TN]
Introduced: 2015-08-04 in the Senate
Policy area: International Affairs
Subjects: Advisory bodies
Africa
Alternative and renewable resources
Congressional oversight
Currency
Electric power generation and transmission
Executive agency funding and structure
Foreign aid and international relief
Foreign and international corporations
Government information and archives
Government lending and loan guarantees
Government studies and investigations
Infrastructure development
Intellectual property
International monetary system and foreign exchange
International organizations and cooperation
Lighting and heating
Lighting, heating, cooling
Manufacturing
Multilateral development programs
Overseas Private Investment Corporation (OPIC)
Public-private cooperation
Small business
Tariffs
U.S. and foreign investments

Summary:
action_date: 2015-08-04
text: 

Electrify Africa Act of 2015 

 
This bill directs the President to establish a multiyear strategy to assist countries in sub-Saharan Africa implement national power strategies and develop an appropriate mix of power solutions, including renewable energy, to provide access to reliable, affordable, and sustainable power in order to reduce poverty and drive economic growth.
 
 The President may: (1) establish an interagency working group to coordinate the activities of U.S. government departments and agencies involved in carrying out the strategy, and (2) use U.S. influence to leverage international support to promote the strategy. 
 
 The U.S. Agency for International Development, the Trade and Development Agency, the Overseas Private Investment Corporation (OPIC), and the Millennium Challenge Corporation are urged to prioritize efforts and assistance for power projects and markets in sub-Saharan Africa. 
 
The Foreign Assistance Act of 1961 is amended to extend OPIC's issuing authority through September 30, 2018.
 
OPIC should: 
 
 
simplify the application, approval, and post-approval processes for insurance, financing, investment, or reinsurance for power generation and distribution projects in sub-Saharan Africa for which total OPIC support is less than $20 million; 
 
prioritize its loan, guarantee, and insurance programs, and financial commitments in the areas of power generation, distribution, and off-grid power and lighting in sub-Saharan Africa, including through the use of an investment advisory council; and 
 
publish in an accessible digital format the amount, type, location, duration, and measurable results of its investments and financings.
 
 
OPIC is temporarily authorized to: (1) issue local currency guarantees to African subsidiaries of foreign financial institutions to facilitate eligible investor lending for power projects in sub-Saharan Africa, and (2) make loans to eligible investors for power projects in sub-Saharan Africa for which total OPIC support does not exceed $50 million.
 
 Foreign corporations, partnerships, and other associations that are majority owned by one or more U.S. citizens or corporations, partnerships, or other associations shall be temporarily considered eligible investors for the sole purpose of receiving OPIC assistance for power projects in sub-Saharan Africa.


Legislative actions:
action_date: 2015-08-04
text: Read twice and referred to the Committee on Foreign Relations.
action_date: 2015-08-04
text: Introduced in Senate