“To amend the Better Utilization of Investments Leading to Development Act of 2018 to provide for increased effectiveness.”
No CRS summary available for this bill.
This section expands the annual reporting requirements for the U.S. International Development Finance Corporation (DFC) by adding to subsection (a) assessments of (1) U.S. strategic, foreign policy, and development objectives advanced through DFC-supported projects under subchapter II and (2) the health of the DFC's portfolio, including an annual overview of funds committed, funds disbursed, default and recovery rates, capital mobilized, equity investments' year-on-year returns, and differences between modeled and actual investment performance with a narrative explanation of changes. The section further revises subsection (b) by (1) replacing prior analyses of project development outcomes and effects on access to capital with new requirements for analyses of (A) desired development impact and strategic outcomes and whether associated metrics, goals, and objectives are met (including post-project); (B) achievement of strategic objectives over the support duration and thereafter; (C) private sector assets relative to DFC and other public sector support; (D) projected private capital mobilized that fiscal year, with analysis of lenders, investors, and instruments; (E) actual private capital mobilized in fully funded projects, with analysis of lenders, investors, instruments, and comparison to projections; (F) breakdowns of DFC support by country income level (less developed, advancing income, high-income) for the prior year and five-year average; (G) breakdowns of maximum authorized contingent liability by country income level; (H) DFC risk appetite for projects in less developed countries and critical-but-low-return development sectors; and (I) CEO efforts to incentivize risk-taking via development performance reviews and rewards; and (2) adding a requirement for recommendations, to the extent practicable, to enhance project strategic goals adapting to changing circumstances.
This section revises requirements for the U.S. International Development Finance Corporation (DFC) to maintain a publicly available, machine-readable database of project-level information by specifying that it must include, to the greatest extent feasible for each project supported under title II—(1) information from the annual report to Congress under section 1443 of the BUILD Act, (2) project-level performance metrics, and (3) a description of the project's development impact, including anticipated impact before initiation and assessed impact during and after completion. (Previously, the database was required to include, to the extent feasible, only the annual report information and performance metrics, without specifying projects individually or development impact.)