,,ii #aafth ,,congress #b;d ,session ,s4 #diig ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,december #aj1 #bjbj,mr4 ,menendez 7for himself and ,mr4 ,rubio7 introduced the following bill2 which was read twice and referred to the ,committee on ,foreign ,relations ,a ,,bill ,to authorize the tenth general capital increase for the ,inter-,american ,development ,bank and to strengthen recovery efforts in ,latin ,america and the ,caribbean related to the ,,covid-#ai pandemic1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,inter-,american ,development ,bank ,general ,capital ,increase ,act of #bjbj4 #b4 ,findings ,congress makes the following findings3 7#a7 ,the region of ,latin ,america and the ,caribbean is the most severely impacted by ,,sars-,co,v-#b1 the virus that causes the coronavirus disease #bjai 7commonly referred to as ,,covid-#ai71 representing #aa1ebg1eif confirmed cases or #bc4jh percent of worldwide cases since ,february #bjbj1 according to the ,inter-,american ,development ,bank4 7#b7 ,decline in economic activity as a result of the ,,covid-#ai pandemic will precipitate a #i4i percent fall in gross domestic product per capita throughout ,latin ,america and the ,caribbean by the end of #bjbj1 entirely reversing steady advancements in regional gross domestic product per capita since #bjaj1 according to the ,economic ,commission for ,latin ,america and the ,caribbean4 7#c7 ,the ,economic ,commission for ,latin ,america and the ,caribbean predicts that1 throughout ,latin ,america and the ,caribbean1 the ,,covid-#ai pandemic will-- 7,a7 push an additional #de1djj1jjj people into poverty1 increasing the total number of people living in poverty from #ahe1ejj1jjj to #bcj1ijj1jjj1 or approximately #cg4c percent of the ,latin ,american and ,caribbean population1 by the end of #bjbj2 and 7,b7 cause the total number of individuals living in extreme poverty to increase by #bh1ejj1jjj from #fg1gjj1jjj to #if1bjj1jjj1 or approximately #ae4e percent of the ,latin ,american and ,caribbean population1 by the end of #bjbj4 7#d7 ,the ,inter-,american ,development ,bank estimated in ,may #bjbj that #ag1jjj1jjj formal jobs would be lost as a result of the pandemic1 increasing the share of jobs in informal sectors of the region's economies to #fb percent4 ,september #bjbj findings from the ,international ,labour ,organization noted that #cd1jjj1jjj workers across #i countries in the region lost their jobs in the first half of #bjbj4 7#e7 ,the pandemic also has complicated the humanitarian and development challenges countries across ,latin ,america and the ,caribbean face as hosts to more than #d1cjj1jjj ,venezuelan refugees and migrants1 prompting the ,inter-,american ,development ,bank to launch a migration initiative that aims to provide #he1jjj1jjj in grants and leverage investments of #a1ajj1jjj1jjj in social protection1 health1 education1 and employment4 7#f7 ,the pandemic has severely disrupted education systems across ,latin ,america and the ,caribbean because of a lack of equipment and pedagogical tools required for effective remote schooling4 ,according to data compiled by the ,united ,nations ,educational1 ,scientific and ,cultural ,organization and the ,inter-,american ,development ,bank1 less than #cj percent of low-income families impacted by decisions to halt in-person classes have access to a computer and only around #fj percent of secondary school teachers have the skills needed for virtual instruction4 7#g7 ,countries across ,latin ,america and the ,caribbean continue to face enduring economic challenges1 including persistent inequality1 high levels of tax evasion and avoidance1 and elevated debt levels4 7#h7 ,the stability1 sustainable development1 and inclusive growth of economies in ,latin ,america and the ,caribbean is in the national interest of the ,united ,states1 as the region accounts for #ba4g percent of ,united ,states trade in goods in #bjai1 according to the ,economic ,commission for ,latin ,america and the ,caribbean4 7#i7 ,the ,inter-,american ,development ,bank is the world's oldest and largest regional development bank1 and has worked continuously since #aiei to foster economic1 social1 and institutional development in ,latin ,america and the ,caribbean4 7#aj7 ,the ,inter-,american ,development ,bank is uniquely positioned to advance post-pandemic recovery efforts and to mitigate the social and economic impacts of the pandemic4 ,as early as ,march #bjbj1 the ,inter-,american ,development ,bank announced the allotment of up to #ab1jjj1jjj1jjj toward immediate public health responses1 efforts to revitalize social safety nets for vulnerable populations1 and strategic economic productivity and employment initiatives4 7#aa7 ,with the support of #bc out of the #bh shareholding countries in the ,western ,hemisphere1 the ,governors of the ,inter-,american ,development ,bank duly elected a new ,president of the ,bank on ,september #ab1 #bjbj1 to serve a #e-year term4 7#ab7 ,the #dh borrowing and non-borrowing member countries of the ,inter-,american ,development ,bank last agreed to a ninth general capital increase as part of the ,bank's annual meeting on ,march #bj-bb1 #bjaj4 7#ac7 ,under the ,coronavirus ,aid1 ,relief1 and ,economic ,security ,act 7,public ,law #aaf-acf2 #acd ,stat4 #bha7 7commonly referred to as the ,,cares ,act71 enacted on ,march #bg1 #bjbj1 ,congress approved capital stock increases for the ,international ,finance ,corporation and the ,african ,development ,bank to strengthen the ability of foreign countries to prevent1 prepare for1 and respond to coronavirus and to the adverse economic impacts of coronavirus4 #c4 ,sense of ,congress ,it is the sense of ,congress that-- 7#a7 the spread of ,,sars-,co,v-#b has had a significant impact on economic1 social1 and humanitarian conditions throughout ,latin ,america and the ,caribbean2 7#b7 the ,inter-,american ,development ,bank is the preeminent multilateral development bank dedicated to regional economic and social development and the betterment of lives across ,latin ,america and the ,caribbean2 7#c7 the ,bank has played an integral role in supporting member countries with the coordination and implementation of policies to mitigate the effects of the ,,covid-#ai pandemic1 the ,venezuelan refugee and migration crisis1 and other crises in the ,western ,hemisphere2 7#d7 a capital increase for the ,bank would greatly increase its capacity to provide financing1 institutional knowledge1 and technical support to foster recovery and inclusion initiatives between regional governments1 private sector entities1 and international organizations2 7#e7 the election on ,september #ab1 #bjbj1 of a new president of the ,inter-,american ,development ,bank-- 7,a7 demonstrated hope for the leadership of the ,united ,states by regional partners facing increased geopolitical competition and the significant impact of the ,,covid-#ai pandemic2 and 7,b7 presents an opportunity for the ,united ,states to further strengthen its commitment to helping build a financially stronger and more transparent ,bank in order to support the countries of the ,americas during such historic crises2 and 7#f7 the ,united ,states1 as a founding member of the ,bank1 should support a capital stock increase to ensure the ,bank is prepared to offer additional support to member countries severely impacted by the ,,covid-#ai pandemic and other crises4 #d4 ,tenth general capital increase 7a7 ,support for a general capital increase ,the ,president shall take steps to support a tenth general capital increase for the ,inter-,american ,development ,bank4 7b7 ,diplomatic engagement ,the ,president shall advance diplomatic engagement to build support among member countries of the ,inter-,american ,development ,bank for a tenth general capital increase for the ,bank in order to strengthen the capacity of the ,bank-- 7#a7 to support ,latin ,american and ,caribbean countries in their efforts to address the ,,covid-#ai pandemic and the related economic impact2 and 7#b7 to advance inclusive economic and social development in the ,americas4 7c7 ,progress report ,not later than #de days after the date of the enactment of this ,act1 the ,president shall submit to the ,foreign ,relations ,committee of the ,senate and the ,committee on ,financial ,services of the ,house of ,representatives a report detailing efforts to carry out subsections 7a7 and 7b74 7d7 ,tenth capital increase ,the ,inter-,american ,development ,bank ,act 7#bb ,u4,s4,c4 #bhc et seq47 is amended by adding at the end the following3 #db4 ,tenth capital increase 7a7 ,vote authorized ,the ,united ,states ,governor of the ,bank is authorized to vote in favor of a resolution to increase the capital stock of the ,bank by #hj1jjj1jjj1jjj over a period not to exceed #e years4 7b7 ,subscription authorized 7#a7 ,in general ,the ,united ,states ,governor of the ,bank may subscribe on behalf of the ,united ,states to #a1iij1gad additional shares of the capital stock of the ,bank4 7#b7 ,limitation ,any subscription by the ,united ,states to the capital stock of the ,bank shall be effective only to such extent and in such amounts as are provided in advance in appropriations ,acts4 7c7 ,limitations on authorization of appropriations 7#a7 ,in general ,in order to pay for the increase in the ,united ,states subscription to the ,bank under subsection 7b71 there is authorized to be appropriated #bd1jad1heg1aia for payment by the ,secretary of the ,treasury4 7#b7 ,allocation of funds ,of the amount authorized to be appropriated under paragraph 7#a7-- 7,a7 #fjj1cga1dcj shall be for paid in shares of the ,bank2 and 7,b7 #bc1dad1dhe1gfa shall be for callable shares of the ,bank4 4 #e4 ,support for environmental sustainability initiatives of ,inter-,american ,development ,bank 7a7 ,findings ,congress makes the following findings3 7#a7 ,the ,inter-,american ,development ,bank has served as an executing agency for the ,global ,environment ,facility1 a grant-making and financing facility supported by #ahb countries to address global environmental issues and sustainable development4 7#b7 ,the ,inter-,american ,development ,bank has never had its own environmental grant-making and financing facility despite the fact that the ,americas are home to the world's largest tropical rain forest and include countries significantly affected by natural disasters annually4 7b7 ,sense of ,congress ,it is the sense of ,congress that the ,inter-,american ,development ,bank should-- 7#a7 establish its own environmental grant-making and financing facility in order to implement and expand environmental policies1 metrics1 and standards1 to strengthen resilience and disaster preparedness1 and to improve sustainability and conservation2 and 7#b7 continue to strengthen environmental safeguards as an element of economic development in the ,western ,hemisphere4 7c7 ,diplomatic engagement ,the ,president shall advance diplomatic engagement to build support among member countries of the ,bank for the creation of an environmental fund and financing facility as part of the tenth general capital increase for the ,bank4