[Congressional Record Volume 170, Number 120 (Wednesday, July 24, 2024)]
[Senate]
[Pages S5430-S5431]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 3109. Mr. CARDIN submitted an amendment intended to be proposed by 
him to the bill S. 4638, to authorize appropriations for fiscal year 
2025 for military activities of the Department of Defense, for military 
construction, and for defense activities of the Department of Energy, 
to prescribe military personnel strengths for such fiscal year, and for 
other purposes; which was ordered to lie on the table; as follows:

       At the end of subtitle F of title XII, add the following:

     SEC. 1291. GLOBAL STRATEGIC INFRASTRUCTURE INVESTMENT FUND.

       (a) Strategic Infrastructure Investment Fund.--
       (1) Establishment.--There is established in the Treasury of 
     the United States a fund to be known as the ``Global 
     Strategic Infrastructure Fund'' (in this section referred to 
     as the ``Fund'') for the Secretary of State to provide for 
     assistance, including through contributions for strategic 
     infrastructure projects globally as authorized under this 
     section.
       (2) Appropriations.--In addition to amounts otherwise 
     available for such purposes, there is appropriated to the 
     Fund established in subsection (a)(1), out of amounts in the 
     Treasury not otherwise appropriated--
       (A) for fiscal year 2025, $400,000,000, to remain available 
     until expended;
       (B) for fiscal year 2026, $400,000,000, to remain available 
     until expended;
       (C) for fiscal year 2027, $400,000,000, to remain available 
     until expended;
       (D) for fiscal year 2028, $400,000,000, to remain available 
     until expended; and
       (E) for fiscal year 2029, $400,000,000, to remain available 
     until expended.
       (3) Transfer authority.--Amounts in the Fund shall be 
     transferred and merged with accounts within the Department of 
     State, the United States Agency for International 
     Development, the Export-Import Bank of the United States, the 
     United States International Development Finance Corporation, 
     the Millennium Challenge Corporation, and the United States 
     Trade and Development Agency, as appropriate, to be used for 
     such purposes.
       (4) Consultation.--The Secretary of State shall consult 
     with the Administrator of the United States Agency for 
     International Development on the allocations of the Fund.
       (5) Loans and loan guarantees.--Amounts transferred from 
     the Fund to the Export-Import Bank and the United States 
     International Development Finance Corporation, among other 
     purposes, may be made available for the costs of direct loans 
     and loan guarantees, including the cost of modifying such 
     loans and loan guarantees, as defined in section 502 of the 
     Congressional Budget Act of 1974 (2 U.S.C. 661a).
       (b) Prioritization.--In evaluating proposals for strategic 
     infrastructure projects funded pursuant to subsection (a), 
     the Secretary of State shall prioritize--
       (1) projects that have the highest strategic value to the 
     United States; and
       (2) projects related to--
       (A) strategic transport infrastructure, including ports, 
     airports, railroads, and highways;
       (B) energy infrastructure, technology, and supply chains, 
     critical minerals, and related areas that align with the 
     officially conveyed energy needs of partner countries and 
     with the objective of maximizing such countries' energy 
     access, energy security, energy transition, and resilience 
     needs.
       (C) secure information and communications technology 
     networks and infrastructure to strengthen the potential for 
     economic growth and to promote an open, interoperable, 
     reliable, and secure internet; and
       (D) global health security, including through 
     infrastructure projects that increase the availability, 
     accessibility, and affordability of health care in partner 
     countries.
       (c) Standards.--In evaluating proposals for strategic 
     infrastructure projects funded pursuant to subsection (a), 
     the Secretary of State shall adhere to standards for 
     sustainable, transparent, and quality infrastructure 
     investment and ensure projects include opportunities to 
     advance economic growth priorities in the partner country and 
     support good governance and the rule of law.
       (d) Projects in High Income Countries.--Support provided 
     under the Fund shall not be provided in countries with high-
     income economies (as those terms are defined by the World 
     Bank) unless the President certifies to the appropriate 
     committees of Congress that such support--
       (1) is necessary to preempt or counter efforts by a 
     strategic competitor of the United States to secure 
     significant political or economic leverage or acquire 
     national security-sensitive technologies or infrastructure in 
     a country that is an ally or partner of the United States; 
     and
       (2) includes cost-sharing arrangements with partner 
     countries to ensure effective burden-sharing and long-term 
     sustainability.
       (e) Definitions.--In this section:

[[Page S5431]]

       (1) Appropriate committees of congress.--The term 
     ``appropriate committees of Congress'' means--
       (A) the Committee on Foreign Relations of the Senate; and
       (B) the Committee on Foreign Affairs of the House of 
     Representatives.
       (2) Strategic infrastructure.--The term ``strategic 
     infrastructure'' means infrastructure where a primary driver 
     of United States national interest in such infrastructure 
     is--
       (A) to advance United States national security or economic 
     security interest or those of the country in which the 
     infrastructure is located; or
       (B) to deny the People's Republic of China of ownership or 
     control over such infrastructure.
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