Short title

This Act may be cited as the

Overseas Private Investment Corporation Reauthorization Act of 2007

Findings

The Congress finds the following: (1)Since its founding in 1971, the Overseas Private Investment Corporation (in this section referred to as OPIC) has helped to mobilize and facilitate private capital by United States investors in developing and emerging market countries in support of United States foreign policy and development goals. (2)OPIC assistance should not, in any way, support projects in countries that reject their obligations to support international peace, security, and basic human rights. (3)OPIC assistance should not be provided to those who support enemies of the United States. (4)OPIC assistance is a privilege and should be granted to persons that, along with their affiliated companies, demonstrate responsible and sustainable business practices, particularly with regard to the environment, international worker rights, and efforts against genocide and nuclear proliferation. Denial of OPIC assistance is not a penalty or sanction. (5)Over OPIC’s 35-year history, OPIC has supported $177,000,000,000 in operating investments in more than 150 developing countries, helping to create more than 800,000 jobs and some $13,000,000,000 in host-government revenues. (6)OPIC projects have generated $71,000,000,000 in United States exports and supported more than 271,000 United States jobs. (7)Projects assisted by OPIC in fiscal year 2006 are projected to generate $1,000,000,000 in United States exports, support more than 2,700 United States jobs, and have a positive impact on the United States balance of payments. (8)In fiscal year 2006, 87 percent of all OPIC-supported projects supported small-and-medium-sized businesses in the United States. (9)In an era of limited Federal budgetary resources, OPIC has consistently demonstrated an ability to operate on a self-sustaining basis to support United States companies, all at a net cost of zero to the United States taxpayer. (10)OPIC has reserves totaling approximately $5,300,000,000 and will make an estimated net budget contribution to the international affairs account of $159,000,000 in fiscal year 2008.

Reauthorization of OPIC programs

Section 235(a)(2) of the Foreign Assistance Act of 1961 (22 U.S.C. 2195(a)(2)) is amended by striking September 30, 2007 and inserting September 30, 2011.

Preferential consideration of certain investment projects

Section 231(f) of the Foreign Assistance Act of 1961 (22 U.S.C. 2191(f)) is amended to read as follows:

(f)to give preferential consideration to investment projects in less developed countries the governments of which are receptive to private enterprise, domestic and foreign, and to projects in countries the governments of which are willing and able to maintain conditions that enable private enterprise to make its full contribution to the development process;

Requirements regarding international worker rights

(a)

Country requirements

Subsection (a) of section 231A of the Foreign Assistance Act of 1961 (22 U.S.C. 2191a(a)) is amended— (1)by amending the subsection heading to read as follows:

International worker rights

; (2)in paragraph (4), by striking (4) In and inserting (5) Additional determination.—In ; and (3)by striking paragraphs (1) through (3) and inserting the following:

(1)

Limitation on OPIC activities

(A)The Corporation may insure, reinsure, guarantee, or finance a project only if the country in which the project is to be undertaken has made or is making significant progress towards the recognition, adoption, and implementation of laws that substantially provide international worker rights, including in any designated zone, or special administrative region or area, in that country. (B)The Corporation shall also include the following language, in substantially the following form, in all contracts which the Corporation enters into with eligible investors to provide financial support under this title:

The investor agrees not to take any actions to obstruct or prevent employees of the foreign enterprise from exercising their international worker rights (as defined in section 238(h) of the Foreign Assistance Act of 1961), and agrees to adhere to the obligations regarding those international worker rights.

(2)

Preference to certain countries

To the degree possible and consistent with its development objectives, the Corporation shall give preferential consideration to projects in countries that have adopted, maintain, and enforce laws that substantially provide international worker rights. (3)

Use of annual reports on international worker rights

The Corporation shall, in carrying out paragraph (1)(A), use, among other sources, the reports submitted to the Congress pursuant to section 504 of the Trade Act of 1974. Such other sources include the observations, reports, and recommendations of the International Labor Organization, and other relevant organizations. (4)

Inapplicability to humanitarian activities

Paragraph (1) shall not prohibit the Corporation from providing any insurance, reinsurance, guaranty, financing, or other assistance for the provision of humanitarian assistance in a country.

(b)

Board of directors

Section 233(b) of the Foreign Assistance Act of 1961 (22 U.S.C. 2193(b)) is amended by adding at the end the following: The selection of the small business, organized labor, and cooperative directors should be made, respectively, in consultation with relevant representative organizations.. (c)

Definitions

Section 238 of the Foreign Assistance Act of 1961 (22 U.S.C. 2198) is amended— (1)in subsection (f), by striking and after the semicolon; (2)in subsection (g), by striking the period at the end and inserting ; and; and (3)by adding at the end the following:

(h)the term international worker rights means— (1)internationally recognized worker rights, as defined in section 507(4) of the Trade Act of 1974 (19 U.S.C. 2467(4)); and (2)the elimination of discrimination with respect to employment and occupation.

(d)

General provisions and powers

Section 239 of the Foreign Assistance Act of 1961 (22 U.S.C. 2199) is amended— (1)in subsection (h), by adding at the end the following: In addition, the Corporation should consult with relevant stakeholders in developing such criteria.; and (2)in subsection (i), in the first sentence, by inserting , including international worker rights, after fundamental freedoms.

Environmental assessments

Section 231A(b) of the Foreign Assistance Act of 1961 (22 U.S.C. 2191a(b)) is amended to read as follows:

(b)

Environmental impact

The Board of Directors of the Corporation shall not vote in favor of any action proposed to be taken by the Corporation that is likely to have significant adverse environmental impacts, unless for at least 60 days before the date of the vote— (1)an environmental impact assessment, or initial environmental audit, analyzing the environmental impacts of the proposed action and of alternatives to the proposed action has been completed by the project applicant and made available to the Board of Directors; and (2)such assessment or audit has been made available to the public of the United States, locally affected groups in the host country, and host country nongovernmental organizations.

Community support

Section 237 of the Foreign Assistance Act of 1961 (22 U.S.C. 2197) is amended by adding at the end the following:

(p)

Community support

To the maximum extent practicable, the Corporation shall require the applicant for a project that is subject to section 231A(b) to obtain broad community support for the project.

Climate change mitigation action plan

Title IV of chapter 2 of part I of the Foreign Assistance Act of 1961 (22 U.S.C. 2291 et seq.) is amended by inserting after section 234A the following new section:

234B.

Climate change mitigation

(a)

Mitigation action plan

The Corporation shall, not later than 180 days after the date of the enactment of the Overseas Private Investment Corporation Reauthorization Act of 2007, institute a climate change mitigation action plan that includes the following: (1)

Clean and efficient energy technology

(A)

Increasing assistance

The Corporation shall establish a goal of substantially increasing its support of projects that use, develop, or otherwise promote the use of clean energy technologies over the 4-year period beginning on the date of the enactment of the Overseas Private Investment Corporation Reauthorization Act of 2007. (B)

Preferential treatment to projects

The Corporation shall give preferential treatment to the evaluation and awarding of assistance for and provide greater flexibility in supporting projects that use, develop, or otherwise promote the use of clean and efficient energy technologies. (2)

Environmental impact assessments

(A)

Greenhouse gas emissions

The Corporation shall, in making an environmental impact assessment for a project under section 231A(b), take into account the degree to which the project contributes to the emission of greenhouse gases. (B)

Other duties not affected

The requirement under subparagraph (A) is in addition to any other requirement, obligation, or duty that the Corporation has. (3)

Report to congressional committees

The Corporation shall, within 180 days after the date of the enactment of the Overseas Private Investment Corporation Reauthorization Act of 2007, submit to the Committee on Foreign Affairs of the House of Representatives and the Committee on Foreign Relations of the Senate a report on the plan developed to carry out paragraph (1)(A). Thereafter, the Corporation shall include in its annual report under section 240A a discussion of such plan and its implementation. (b)

Extraction investments

(1)

Prior notification to congressional committees

The Corporation may not approve any contract of insurance or reinsurance, or any guaranty, or enter into any agreement to provide financing for any project which significantly involves an extractive industry and in which assistance by the Corporation would be valued at $10,000,000 or more (including contingent liability), until at least 30 days after the Corporation notifies the Committee on Foreign Affairs of the House of Representatives and the Committee on Foreign Relations of the Senate of such contract or agreement. (2)

Commitment to EITI principles

The Corporation may approve a contract of insurance or reinsurance, or any guaranty, or enter into an agreement to provide financing to an eligible investor for a project that significantly involves an extractive industry only if— (A)the eligible investor has agreed to implement the Extractive Industries Transparency Initiative principles and criteria, or substantially similar principles and criteria; or (B)the host country where the project is to be carried out has committed to the Extractive Industries Transparency Initiative principles and criteria, or substantially similar principles and criteria. (3)

Preference for certain projects

With respect to all projects that significantly involve an extractive industry, the Corporation, to the degree possible and consistent with its development objectives, shall give preference to a project in which both the eligible investor has agreed to implement the Extractive Industries Transparency Initiative principles and criteria, or substantially similar principles and criteria, and the host country where the project is to be carried out has committed to the Extractive Industries Transparency Initiative principles and criteria, or substantially similar principles and criteria. (4)

Definitions

In this subsection: (A)

Extractive industry

The term extractive industry refers to an enterprise engaged in the exploration, development, or extraction of oil and gas reserves, metal ores, gemstones, industrial minerals, or coal. (B)

Extractive Industries Transparency Initiative principles and criteria

The term Extractive Industries Transparency Initiative principles and criteria means the principles and criteria of the Extractive Industries Transparency Initiative, as set forth in Annex A to the Anti-Corruption Policies and Strategies Handbook of the Corporation, as published in September 2006. (5)

Reporting requirement

The Corporation shall include in its annual report required under section 240A a description of its activities to carry out this subsection. (c)

Definitions

In this section: (1)

Clean and efficient energy technology

The term clean and efficient energy technology means an energy supply or end-use technology— (A)such as— (i)solar technology; (ii)wind technology; (iii)geothermal technology; (iv)hydroelectric technology; and (v)carbon capture technology; and (B)that, over its life cycle and compared to a similar technology already in commercial use— (i)is reliable, affordable, economically viable, socially acceptable, and compatible with the needs and norms of the country involved; (ii)results in— (I)reduced emissions of greenhouse gases; or (II)increased geological sequestration; and (iii)may— (I)substantially lower emissions of air pollutants; or (II)generate substantially smaller and less hazardous quantities of solid or liquid waste. (2)

Greenhouse gas

The term greenhouse gas means— (A)carbon dioxide; (B)methane; (C)nitrous oxide; (D)hydrofluorocarbons; (E)perfluorocarbons; or (F)sulfur hexafluoride.

Prohibition on assistance to develop or promote certain railway connections and railway-related connections

Section 237 of the of the Foreign Assistance Act of 1961 (22 U.S.C. 2197) is further amended by adding at the end the following:

(q)

Prohibition on assistance for certain railway projects

The Corporation may not provide insurance, reinsurance, a guaranty, financing, or other assistance to support the development or promotion of any railway connection or railway-related connection that does not traverse or connect with Armenia and does connect Azerbaijan and Turkey.

10.

Ineligibility of persons doing certain business with state sponsors of terrorism

(a)

In general

Section 237 of the Foreign Assistance Act of 1961 (22 U.S.C. 2197) is further amended by adding at the end the following:

(r)

Ineligible projects

(1)

In general

A project will not be eligible to receive support provided by the Corporation under this title if either of the following applies: (A)(i)An applicant for insurance, reinsurance, financing, or other support for a project provided to the government of a state sponsor of terrorism a loan, or an extension of credit, that remains outstanding. (ii)For purposes of this subparagraph, the sale of goods, other than food or medicine, on any terms other than a cash basis shall be considered to be an extension of credit. (B)An applicant for insurance, reinsurance, financing, or other support for a project has an investment commitment valued at $20,000,000 or more for the energy sector in a country that is a state sponsor of terrorism. (2)

Definitions

In this subsection: (A)

Cash basis

The term cash basis refers to a sale in which the purchaser of goods or services is required to make payment in full within 45 days after receiving the goods or services. (B)

Energy sector

The term energy sector refers to activities to develop or transport petroleum or natural gas resources. (C)

Investment commitment

The term investment commitment means any of the following activities if such activity is undertaken pursuant to a commitment, or pursuant to the exercise of rights under a commitment, that was entered into with the government of a state sponsor of terrorism or a nongovernmental entity in a country that is a state sponsor of terrorism: (i)The entry into a contract that includes responsibility for the development of petroleum resources located in a country that is a state sponsor of terrorism, or the entry into a contract providing for the general supervision and guarantee of another person's performance of such a contract. (ii)The purchase of a share of ownership, including an equity interest, in that development. (iii)The entry into a contract providing for the participation in royalties, earnings, or profits in that development, without regard to the form of the participation. (D)

State sponsor of terrorism

The term state sponsor of terrorism means a country the government of which the Secretary of State has determined, for purposes of section 6(j) of the Export Administration Act of 1979, section 620A of the Foreign Assistance Act of 1961, section 40 of the Arms Export Control Act, or any other provision of law, to be a government that has repeatedly provided support for acts of international terrorism. (3)

Certification

(A)

By applicants

A person or entity applying for insurance, reinsurance, a guaranty, financing, or other assistance under this title may not receive such support unless its chief executive officer certifies to the Corporation, under penalty of perjury, that the person or entity and its majority-owned subsidiaries are not engaged in any activity described in subparagraph (A) or (B) of paragraph (1). (B)

By ultimate parent entities

In the case of an applicant that is a majority-owned entity of another entity, in addition to the certification under subparagraph (A), the chief executive officer of the ultimate parent entity of the applicant must certify, under penalty of perjury, that it and its majority-owned subsidiaries are not engaged in any activity described in subparagraph (A) or (B) of paragraph (1). (C)

Application to straw man transactions

In any case in which— (i)an applicant for insurance, reinsurance, financing, or other assistance under this title is providing goods and services to a project, (ii)more than 50 percent of such goods and services are acquired from an unaffiliated entity, and (iii)the unaffiliated entity is receiving $20,000,000 or more, or sums greater than 50 percent of the amount of the assistance provided by the Corporation for the project (including contingent liability), for such goods or services,

then the chief executive officer of the unaffiliated entity must make a certification under subparagraph (A), and any ultimate parent entity must make a certification required by subparagraph (B).

(D)

Diligent inquiry

A certification required by subparagraph (A), (B), or (C) may be made to the best knowledge and belief of the certifying officer if that officer states that he or she has made diligent inquiry into the matter certified. (E)

Exception

(i)A chief executive officer of an applicant or other entity may provide a certification required by subparagraph (A), (B), or (C) with respect to the activity of a majority-owned subsidiary or entity notwithstanding activity by such majority-owned subsidiary or entity that would cause a project to be ineligible for support under subparagraph (A) or (B) of paragraph (1) if such activity is carried out under a contract or other obligation of such majority-owned subsidiary or entity that was entered into or incurred before the acquisition of such majority-owned subsidiary or entity by the applicant or ultimate parent entity. (ii)Clause (i) shall not apply if the terms of such contract or other obligation are expanded or extended after such acquisition. (F)

Definition

For purposes of this paragraph, a person is an ultimate parent of an entity if the person owns directly, or through majority ownership of other entities, greater than 50 percent of the equity of the entity. (4)

Exception

The prohibition in paragraph (1) shall not— (A)apply to a loan, extension of credit, or investment commitment by an applicant, or other entity covered by a certification under subparagraph (A), (B), or (C) of paragraph (3), in Southern Sudan, Southern Kordofan/Nuba Mountains State, Blue Nile State, or Abyei, Darfur, if the Corporation, with the concurrence of the Secretary of State, determines that such loan, extension of credit, or investment commitment will provide emergency relief, promote economic self-sufficiency, or implement a nonmilitary program in support of a viable peace agreement in Sudan, including the Comprehensive Peace Agreement for Sudan and the Darfur Peace Agreement; or (B)prohibit the Corporation from providing support for projects in Southern Sudan, Southern Kordofan/Nuba Mountains State, Blue Nile State, and Abyei, Darfur, if the Corporation, with the concurrence of the Secretary of State, determines that such projects will provide emergency relief, promote economic self-sufficiency, or implement a nonmilitary program in support of a viable peace agreement in Sudan, including the Comprehensive Peace Agreement for Sudan and the Darfur Peace Agreement. (5)

Prospective application of subsection

This subsection shall not be applied to limit support by the Corporation under this title because an applicant, or other entity covered by a certification under subparagraph (A), (B), or (C) of paragraph (3) engaged in commercial activity specifically licensed by the Office of Foreign Assets Control of the Department of the Treasury.

(b)

Termination

(1)

In general

The amendment made by this section shall cease to be effective with respect to a country that is a state sponsor of terrorism 30 days after the President certifies to the appropriate congressional committees that— (A)the country has ceased providing support for acts of international terrorism and no longer satisfies the requirements for designation as a state sponsor of terrorism; (B)the country does not possess nuclear weapons or a significant program to develop nuclear weapons; and (C)the country is not committing genocide or conducting a program of ethnic cleansing against a civilian population that approaches genocide. (2)

Definitions

In this subsection: (A)

Appropriate congressional committees

The term appropriate congressional committees means the Committee on Foreign Affairs of the House of Representatives and the Committee on Foreign Relations of the Senate. (B)

State sponsor of terrorism

The term state sponsor of terrorism has the meaning given that term in section 237(r)(2)(D) of the Foreign Assistance Act of 1961, as added by subsection (a) of this section.

11.

Increased transparency

(a)

In general

Section 237 of the Foreign Assistance Act of 1961 (22 U.S.C. 2197) is further amended by adding at the end the following new subsections:

(s)

Availability of project information

Beginning 90 days after the date of the enactment of the Overseas Private Investment Corporation Reauthorization Act of 2007, the Corporation shall make public, and post on its Internet website, summaries of all new projects supported by the Corporation, and other relevant information, except that the Corporation shall not include any confidential business information in the summaries and information made available under this subsection. (t)

Review of methodology

Not later than 180 days after the date of the enactment of the Overseas Private Investment Corporation Reauthorization Act of 2007, the Corporation shall publish in the Federal Register and periodically revise, subject to a period of public comment, the detailed methodology, including relevant regulations, used to assess and monitor the impact of projects supported by the Corporation on the development and environment of, and international worker rights in, host countries, and on United States employment. (u)

Public notice prior to project approval

(1)

Public notice

The Board of Directors of the Corporation may not vote in favor of any action proposed to be taken by the Corporation on any Category A project until at least 60 days after the Corporation— (A)makes available for public comment a summary of the project and relevant information about the project; and (B)makes the summary and information described in paragraph (1) available to locally affected groups in the area of impact of the proposed project, and to host country nongovernmental organizations.

The Corporation shall not include any business confidential information in the summary and information made available under subparagraphs (A) and (B).

(2)

Published response

To the extent practicable, the Corporation shall publish responses to the comments received under paragraph (1) with respect to a Category A project and submit the responses to the Board not later than 7 days before a vote is to be taken on any action proposed by the Corporation on the project. (3)

Definitions

In this subsection, the term Category A project means any project or other activity for which the Corporation proposes to provide insurance, reinsurance, financing, or other support under this title and which is likely to have significant adverse environmental impacts.

(b)

Office of Accountability

Section 237 of the Foreign Assistance Act of 1961 (22 U.S.C. 2197) is further amended by adding at the end the following new subsection:

(v)

Office of Accountability

The Corporation shall maintain an Office of Accountability to provide problem-solving services for projects supported by the Corporation and to review the Corporation’s compliance with its environmental, social, worker rights, human rights, and transparency policies and procedures, to the maximum extent practicable. The Office of Accountability shall operate in a manner that is fair, objective and transparent.

12.

Fraud and other breaches of contract

Section 237(n) of the Foreign Assistance Act of 1961 (22 U.S.C. 2197(n)) is amended— (1)by striking Whoever and inserting:

(1)

In general

Whoever

; and

(2)by adding at the end the following:

(2)

Deferrals to Department of Justice

(A)The President of the Corporation shall refer to the Department of Justice for appropriate action information known to the Corporation concerning any substantial evidence of— (i)a violation of this title; (ii)a material breach of contract entered into with the Corporation by an eligible investor; or (iii)a material false representation made by an investor to the Corporation. (B)Subparagraph (A) does not apply if the President of the Corporation concludes that the matter described in clause (i), (ii), or (iii), as the case may be, of subparagraph (A)— (i)is not evidence of a possible violation of criminal law; and (ii)is not evidence that the Federal Government is entitled to civil remedy or to impose a civil penalty.

13.

Transparency and accountability of investment funds

(a)

In general

Section 239 of the Foreign Assistance Act of 1961 (22 U.S.C. 2199) is amended by adding at the end the following:

(l)

Transparency and accountability of investment funds

(1)

Competitive selection of investment fund management

With respect to any investment fund that the Corporation creates on or after the date of the enactment of the Overseas Private Investment Corporation Reauthorization Act of 2007, the Corporation may select persons to manage the fund only by contract using full and open competitive procedures. (2)

Criteria for selection

In assessing proposals for investment fund management proposals, the Corporation shall consider, in addition to other factors, the following: (A)The prospective fund management's experience, depth, and cohesiveness. (B)The prospective fund management's track record in investing risk capital in emerging markets. (C)The prospective fund management's experience, management record, and monitoring capabilities in its target countries, including details of local presence (directly or through local alliances). (D)The prospective fund management's experience as a fiduciary in managing institutional capital, meeting reporting requirements, and administration. (E)The prospective fund management’s record in avoiding investments in companies that would be disqualified under section 237(r). (3)

Annual report

The Corporation shall include in each annual report under section 240A an analysis of the investment fund portfolio of the Corporation, including the following: (A)

Fund performance

An analysis of the aggregate financial performance of the investment fund portfolio grouped by region and maturity. (B)

Status of loan guaranties

The amount of guaranties committed by the Corporation to support investment funds, including the percentage of such amount that has been disbursed to the investment funds. (C)

Risk ratings

The definition of risk ratings, and the current aggregate risk ratings for the investment fund portfolio, including the number of investment funds in each of the Corporation’s rating categories. (D)

Competitive selection of investment fund management

The number of proposals received and evaluated for each newly established investment fund.

(b)

GAO audit

Not later than 1 year after the submission of the first report to Congress under section 240A of the Foreign Assistance Act of 1961 that includes the information required by section 239(l)(3) of that Act (as added by subsection (a) of this section), the Comptroller General of the United States shall prepare and submit to the Committee on Foreign Affairs of the House of Representatives and the Committee on Foreign Relations of the Senate an independent assessment of the investment fund portfolio of the Overseas Private Investment Corporation, covering the items required to be addressed under such section 239(l)(3).

14.

Extension of authority to operate in Iraq

Section 239 of the Foreign Assistance Act of 1961 (22 U.S.C. 2199) is amended by adding at the end the following:

(m)

Operations in Iraq

Notwithstanding subsections (a) and (b) of section 237, the Corporation is authorized to undertake in Iraq any program authorized by this title.

15.

Consistency with existing law

Section 239 of the Foreign Assistance Act of 1961 (22 U.S.C. 2199) is further amended by adding at the end the following:

(n)

Consistency with other law

Section 620L of this Act shall apply to any insurance, reinsurance, guaranty, or other financing issued by the Corporation for projects in the West Bank and Gaza to the same extent as such section applies to other assistance under this Act. (o)

Limitation on Assistance to Gaza and the West Bank

The Corporation may not provide insurance, reinsurance, a guaranty, financing, or other assistance to support a project in any part of Gaza or the West Bank unless the Secretary of State determines that the location for the project is not under the effective control of Hamas or any other foreign terrorist organization designated under section 219 of the Immigration and Nationality Act (8 U.S.C. 1189).

16.

Congressional notification regarding maximum contingent liability

Section 239 of the Foreign Assistance Act of 1961 (22 U.S.C. 2199) is further amended by adding at the end the following:

(p)

Congressional notification of increase in maximum contingent liability

The Corporation shall notify the Committee on Foreign Affairs of the House of Representatives and the Committee on Foreign Relations of the Senate not later than 15 days after the date on which the Corporation's maximum contingent liability outstanding at any one time pursuant to insurance issued under section 234(a), and the amount of financing issued under sections 234(b) and (c), exceeds the previous fiscal year's maximum contingent liability by 25 percent.

17.

Assistance for small businesses and entities

Section 240 of the Foreign Assistance Act of 1961 (22 U.S.C. 2200) is amended by adding at the end the following:

(c)

Resources dedicated to small businesses, cooperatives, and other small united states investors

The Corporation shall ensure that adequate personnel and resources, including senior officers, are dedicated to assist United States small businesses, cooperatives, and other small United States investors in obtaining insurance, reinsurance, financing, and other support under this title. The Corporation shall include, in each annual report under section 240A, the following information with respect to the period covered by the report: (1)A description of such personnel and resources. (2)The number of small businesses, cooperatives, and other small United States investors that received such insurance, reinsurance, financing, and other support, and the dollar value of such insurance, reinsurance, financing and other support. (3)A description of the projects for which such insurance, reinsurance, financing, and other support was provided.

18.

Technical corrections

(a)

Pilot equity finance program

Section 234 of the Foreign Assistance Act of 1961 (22 U.S.C. 2194) is amended— (1)by striking subsection (g); and (2)by redesignating subsection (h) as subsection (g). (b)

Transfer authority

Section 235 of the Foreign Assistance Act of 1961 (22 U.S.C. 2195) is amended— (1)by striking subsection (e); and (2)by redesignating subsection (f) as subsection (e). (c)

Guaranty contract

Section 237(j) of the Foreign Assistance Act of 1961 (22 U.S.C. 2197(j)) is amended by inserting insurance, reinsurance, and after Each. (d)

Transfer of predecessor programs and authorities

(1)

Transfer

Section 239 of the Foreign Assistance Act of 1961 (22 U.S.C. 2199), as amended by the preceding provisions of this Act, is amended— (A)by striking subsection (b); and (B)by redesignating the subsections (c) through (p) as subsections (b) through (o), respectively. (2)

Conforming amendments

(A)Section 237(m)(1) of the Foreign Assistance Act of 1961 (22 U.S.C. 2197(m)(1)) is amended by striking 239(g) and inserting 239(f). (B)Section 240A(a) of the Foreign Assistance Act of 1961 (22 U.S.C. 2200A(a)) is amended— (i)in paragraph (1), by striking 239(h) and inserting 239(g); and (ii)in paragraph (2)(A), by striking 239(i) and inserting 239(h). (C)Section 209(e)(16) of the Admiral James W. Nance and Meg Donovan Foreign Relations Authorization Act, Fiscal Years 2000 and 2001 (as enacted into law by section 1000(a)(7) of Public Law 106–113; 31 U.S.C. 1113 note) is amended by striking 239(c) and 2199(c) and inserting 239(b) and 2199(b), respectively. (e)

Additional clerical amendments

Section 234(b) of the Foreign Assistance Act of 1961 (22 U.S.C. 2194(b)) is amended by striking 235(a)(2) and inserting 235(a)(1).

19.

Effective date

(a)

New applications

This Act and the amendments made by this Act shall apply with respect to any application for insurance, reinsurance, a guaranty, financing, or other support under title IV of chapter 2 of part I of the Foreign Assistance Act of 1961 if the application is received by the Overseas Private Investment Corporation on or after July 1, 2007, and the application is approved by the Corporation on or after the date of the enactment of this Act. (b)

Extensions and renewals

(1)

In general

Subject to paragraph (2), this Act and the amendments made by this Act shall apply with respect to any extension or renewal of a contract or agreement for any such insurance, reinsurance, guaranty, financing, or support that was entered into by the Corporation before the date of the enactment of this Act if the extension or renewal is approved by the Corporation on or after such date of enactment. (2)

Exception

This Act and the amendments made by this Act shall not apply to any extension or renewal which is substantially identical to an extension or renewal formally requested in a detailed writing filed with the Corporation before July 1, 2007.