usc:us:22:9612

text: U.S.C. Title 22 - FOREIGN RELATIONS AND INTERCOURSE 22 U.S.C. United States Code, 2024 Edition Title 22 - FOREIGN RELATIONS AND INTERCOURSE CHAPTER 103 - BETTER UTILIZATION OF INVESTMENTS LEADING TO DEVELOPMENT SUBCHAPTER I - ESTABLISHMENT Sec. 9612 - United States International Development Finance Corporation From the U.S. Government Publishing Office, www.gpo.gov §9612. United States International Development Finance Corporation (a) Establishment There is established in the executive branch the United States International Development Finance Corporation (in this chapter referred to as the "Corporation"), which shall be a wholly owned Government corporation for purposes of chapter 91 of title 31 under the foreign policy guidance of the Secretary of State. (b) Purpose The purpose of the Corporation shall be to mobilize and facilitate the participation of private sector capital and skills in the economic development of less developed countries, as described in subsection (c), and countries in transition from nonmarket to market economies, in order to complement the development assistance objectives, and advance the foreign policy interests, of the United States. In carrying out its purpose, the Corporation, utilizing broad criteria, shall take into account in its financing operations the economic and financial soundness and development objectives of projects for which it provides support under subchapter II of this chapter. (c) Less developed country focus (1) In general The Corporation shall prioritize the provision of support under subchapter II of this chapter in less developed countries with a low-income economy or a lower-middle-income economy. (2) Support in upper-middle-income countries The Corporation shall restrict the provision of support under subchapter II of this chapter in a less developed country with an upper-middle-income economy unless— (A) the President certifies to the appropriate congressional committees that such support furthers the national economic or foreign policy interests of the United States; and (B) such support is designed to produce significant developmental outcomes or provide developmental benefits to the poorest population of that country. (Pub. L. 115–254, div. F, title I, §1412, Oct. 5, 2018, 132 Stat. 3486.) Editorial Notes References in Text This chapter, referred to in subsec. (a), was in the original "this division", meaning division F of Pub. L. 115–254, Oct. 5, 2018, 132 Stat. 3485, which is classified principally to this chapter. For complete classification of division F to the Code, see Short Title note set out under section 9601 of this title and Tables. Executive Documents Delegation of Authority Under the Better Utilization of Investments Leading to Development Act of 2018 Memorandum of President of the United States, July 7, 2020, 85 F.R. 45749, provided: Memorandum for the Secretary of State By the authority vested in me as President by the Constitution and the laws of the United States of America, including section 301 of title 3, United States Code, I hereby delegate to the Secretary of State the authority vested in the President by section 1412(c)(2)(A) of the Better Utilization of Investments Leading to Development Act of 2018 (title I of division F of Public Law 115–254) (the "Act") [22 U.S.C. 9612(c)(2)(A)] to certify to the appropriate congressional committees that the provision of support under title II of the Act [amending sections 9621 to 9624 of this title] in a less developed country with an upper-middle-income economy furthers the national economic or foreign policy interests of the United States. The delegation in this memorandum shall apply to any provision of any future public law that is the same or substantially the same as the provision referenced in this memorandum. You are authorized and directed to publish this memorandum in the Federal Register. Donald J. Trump.