--- kind: "section" citation: "22 U.S.C. § 9653" title: "22" title_heading: "Foreign Relations and Intercourse" number: "9653" heading: "Annual report" release: "119-102" url: "https://uscodex.org/usc/22/9653" units: - "Chapter 103 — Better Utilization of Investments Leading to Development" - "Subchapter IV — Monitoring, Evaluation, and Reporting" --- # §9653. Annual report - (a) **In general—** After the end of each fiscal year, the [Corporation](/usc/22/7702.md?p=6) shall submit to the [appropriate congressional committees](/usc/22/9601.md?p=2) a complete and detailed report of its operations during that fiscal year, including an assessment of— - (1) the economic and social development impact, including with respect to matters described in subsections (d), (e), and (f) of [section 9651 of this title](/usc/22/9651.md), of projects supported by the [Corporation](/usc/22/7702.md?p=6) under subchapter II of this chapter; - (2) the extent to which the operations of the [Corporation](/usc/22/7702.md?p=6) complement or are compatible with the development assistance [programs](/usc/22/3383.md?p=6) of the [United States](/usc/22/1395.md?p=a-1) and [qualifying sovereign entities](/usc/22/9601.md?p=7); - (3) the [Corporation](/usc/22/7702.md?p=6)’s institutional linkages with other relevant [United States](/usc/22/1395.md?p=a-1) Government department[^1] and agencies, including efforts to strengthen such linkages; - (4) the compliance of projects supported by the [Corporation](/usc/22/7702.md?p=6) under subchapter II of this chapter with human rights, environmental, labor, and social policies, or other such related policies that govern the [Corporation](/usc/22/7702.md?p=6)’s support for projects, promulgated or otherwise administered by the [Corporation](/usc/22/7702.md?p=6); - (5) the [United States](/usc/22/1395.md?p=a-1) strategic, [foreign](/usc/22/3146.md?p=1) policy, and development objectives advanced through projects supported by the [Corporation](/usc/22/7702.md?p=6); and - (6) the health of the [Corporation](/usc/22/7702.md?p=6)’s portfolio, including an annual overview of [funds](/usc/22/2431a.md?p=9) committed, [funds](/usc/22/2431a.md?p=9) disbursed, default and recovery rates, capital mobilized, equity investments’ year on year returns, and any difference between how investments were modeled at commitment and how they ultimately performed, to include a narrative explanation explaining any changes. - (b) **Elements—** Each [annual report](/usc/22/6402.md?p=2) required by [subsection (a)](#a) shall include analyses of the effects of projects supported by the [Corporation](/usc/22/7702.md?p=6) under subchapter II of this chapter, including— - (1) reviews and analyses of— - (A) the desired development impact and strategic outcomes for projects, and whether or not the [Corporation](/usc/22/7702.md?p=6) is meeting the associated metrics, goals, and development objectives, including, to the extent practicable, in the years after conclusion of projects; - (B) whether the [Corporation](/usc/22/7702.md?p=6)’s support for projects that focus on achieving strategic outcomes are achieving such strategic objectives of such investments over the duration of the support and lasting after the [Corporation](/usc/22/7702.md?p=6)’s support is completed; - (C) the [value](/usc/22/2794.md?p=2) of private sector assets brought to bear relative to the amount of support provided by the [Corporation](/usc/22/7702.md?p=6) and the [value](/usc/22/2794.md?p=2) of any other public sector support; - (D) the total private capital projected to be mobilized by projects supported by the [Corporation](/usc/22/7702.md?p=6) during that year, including an analysis of the lenders and investors involved and investment instruments used; - (E) the total private capital actually mobilized by projects supported by the [Corporation](/usc/22/7702.md?p=6) that were fully funded by the end of that year, including— - (i) an analysis of the lenders and investors involved and investment instruments used; and - (ii) a comparison with the private capital projected to be mobilized for the projects described in this paragraph; - (F) a breakdown of— - (i) the amount and percentage of [Corporation](/usc/22/7702.md?p=6) support provided to [less developed countries](/usc/22/9601.md?p=5), [advancing income countries](/usc/22/9601.md?p=1), and [high-income countries](/usc/22/9601.md?p=4) in the previous fiscal year; and - (ii) the amount and percentage of [Corporation](/usc/22/7702.md?p=6) support provided to [less developed countries](/usc/22/9601.md?p=5), [advancing income countries](/usc/22/9601.md?p=1) and [high-income countries](/usc/22/9601.md?p=4) averaged over the last 5 fiscal years; - (G) a breakdown of the aggregate amounts and percentage of the maximum contingent liability of the [Corporation](/usc/22/7702.md?p=6) authorized to be outstanding pursuant to [section 1433](/usc/22/1433.md) in [less developed countries](/usc/22/9601.md?p=5), [advancing income countries](/usc/22/9601.md?p=1), and [high-income countries](/usc/22/9601.md?p=4); - (H) the risk appetite of the [Corporation](/usc/22/7702.md?p=6) to undertake projects in [less developed countries](/usc/22/9601.md?p=5) and in sectors that are critical to development but less likely to deliver substantial financial returns; and - (I) efforts by the [Chief Executive Officer](/usc/22/7702.md?p=4) to incentivize calculated risk-taking by transaction teams, including through the conduct of development performance reviews and provision of development performance rewards; - (2) an explanation of any partnership arrangement or cooperation with a [qualifying sovereign entity](/usc/22/9601.md?p=7) in support of each project; - (3) projections of— - (A) development outcomes, and whether or not support for projects are meeting the associated performance measures, both during the start-up phase and over the duration of the support, and to the extent practicable, measures of such development outcomes should be on a gender-disaggregated basis, such as changes in employment, access to financial services, enterprise development and growth, and composition of executive [boards](/usc/22/2431a.md?p=4) and senior leadership of enterprises receiving support under subchapter II of this chapter; and - (B) the [value](/usc/22/2794.md?p=2) of private sector assets brought to bear relative to the amount of support provided by the [Corporation](/usc/22/7702.md?p=6) and the [value](/usc/22/2794.md?p=2) of any other public sector support; - (4) to the extent practicable, recommendations for measures that could enhance the strategic goals of projects to adapt to changing circumstances; and - (5) an assessment of the extent to which lessons learned from the monitoring and evaluation activities of the [Corporation](/usc/22/7702.md?p=6), and from [annual reports](/usc/22/6402.md?p=2) from previous years compiled by the [Corporation](/usc/22/7702.md?p=6), have been applied to projects. ## Footnotes [^1]: So in original. Probably should be “departments”. ## Source credit (Pub. L. 115–254, div. F, title IV, § 1443, Oct. 5, 2018, 132 Stat. 3505; Pub. L. 119–60, div. H, title LXXXVII, § 8755, Dec. 18, 2025, 139 Stat. 1966.) ## Notes ### Editorial Notes ### Amendments 2025—Subsec. (a)(5), (6). Pub. L. 119–60, § 8755(1), added pars. (5) and (6). Subsec. (b)(1)(A) to (I). Pub. L. 119–60, § 8755(2)(A), added pars. (A) to (I) and struck out former pars. (A) and (B) which read as follows: “(A) the desired development outcomes for projects and whether or not the Corporation is meeting the associated metrics, goals, and development objectives, including, to the extent practicable, in the years after conclusion of projects; and “(B) the effect of the Corporation’s support on access to capital and ways in which the Corporation is addressing identifiable market gaps or inefficiencies and what impact, if any, such support has on access to credit for a specific project, country, or sector;”. Subsec. (b)(4), (5). Pub. L. 119–60, § 8755(2)(B) to (D), added par. (4) and redesignated former par. (4) as (5).