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Better Utilization of Investments Leading to Development Act of 2018

H.R. 5105 · 115th Congress · Jul 18, 2018 · Lineage

AN ACT

To establish the United States International Development Finance Corporation, and for other purposes.

Section 1 Short title; table of contents

(a)
Short title— This Act may be cited as the “Better Utilization of Investments Leading to Development Act of 2018” or the “BUILD Act of 2018”.
(b)
Table of contents— The table of contents for this Act is as follows:

Sec. 2 Definitions

In this Act:
(1)
Appropriate congressional committees— The term appropriate congressional committees means—
(A)
the Committee on Foreign Relations and the Committee on Appropriations of the Senate; and
(B)
the Committee on Foreign Affairs and the Committee on Appropriations of the House of Representatives.
(2)
Less developed country— The term less developed country means a country with a low-income economy, lower-middle-income economy, or upper-middle-income economy, as defined by the International Bank for Reconstruction and Development and the International Development Association (collectively referred to as the “World Bank”).
(3)
Predecessor authority— The term predecessor authority means authorities repealed by title VI.
(4)
Qualifying sovereign entity— The term qualifying sovereign entity means—
(A)
any agency or instrumentality of a foreign state (as defined in section 1603 of title 28, United States Code) that has a purpose that is similar to the purpose of the Corporation as described in section 102(b); or
(B)
any international financial institution (as defined in section 1701(c) of the International Financial Institutions Act (22 U.S.C. 262r(c))).