S.1933 - Electrify Africa Act of 2015114th Congress (2015-2016)
|Sponsor:||Sen. Corker, Bob [R-TN] (Introduced 08/04/2015)|
|Committees:||Senate - Foreign Relations|
|Latest Action:||Senate - 08/04/2015 Read twice and referred to the Committee on Foreign Relations. (All Actions)|
This bill has the status Introduced
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Summary: S.1933 — 114th Congress (2015-2016)All Information (Except Text)
Introduced in Senate (08/04/2015)
Electrify Africa Act of 2015
This bill directs the President to establish a multiyear strategy to assist countries in sub-Saharan Africa implement national power strategies and develop an appropriate mix of power solutions, including renewable energy, to provide access to reliable, affordable, and sustainable power in order to reduce poverty and drive economic growth.
The President may: (1) establish an interagency working group to coordinate the activities of U.S. government departments and agencies involved in carrying out the strategy, and (2) use U.S. influence to leverage international support to promote the strategy.
The U.S. Agency for International Development, the Trade and Development Agency, the Overseas Private Investment Corporation (OPIC), and the Millennium Challenge Corporation are urged to prioritize efforts and assistance for power projects and markets in sub-Saharan Africa.
The Foreign Assistance Act of 1961 is amended to extend OPIC's issuing authority through September 30, 2018.
- simplify the application, approval, and post-approval processes for insurance, financing, investment, or reinsurance for power generation and distribution projects in sub-Saharan Africa for which total OPIC support is less than $20 million;
- prioritize its loan, guarantee, and insurance programs, and financial commitments in the areas of power generation, distribution, and off-grid power and lighting in sub-Saharan Africa, including through the use of an investment advisory council; and
- publish in an accessible digital format the amount, type, location, duration, and measurable results of its investments and financings.
OPIC is temporarily authorized to: (1) issue local currency guarantees to African subsidiaries of foreign financial institutions to facilitate eligible investor lending for power projects in sub-Saharan Africa, and (2) make loans to eligible investors for power projects in sub-Saharan Africa for which total OPIC support does not exceed $50 million.
Foreign corporations, partnerships, and other associations that are majority owned by one or more U.S. citizens or corporations, partnerships, or other associations shall be temporarily considered eligible investors for the sole purpose of receiving OPIC assistance for power projects in sub-Saharan Africa.