Ventures, financing, and grants

(a) Venture funding requirements (1) In general The Foundation shall award funding, which may include project financing, credit risk insurance, grants, concessional lending, or credit, in accordance with this section, for eligible projects described in paragraph (2) that— (A) increase agricultural productivity and incomes; and (B) ensure food security is achieved and sustained, while supporting farmers moving beyond subsistence agriculture to growing higher value crops that can be sold for profit. (2) Eligible ventures A venture qualifies as an eligible venture if the venture seeks— (A) to have cost matching from sources other than the United States Government; (B) to incorporate a set of key independently verified outcomes, which shall be measured by rigorous impact evaluations, such as measuring attributable increases in agricultural yields, infrastructure, or any other eligible use; (C) to not substantially duplicate the work of other funders or institutions or displace current profit-making ventures; (D) to leverage existing infrastructure and community-led development to allow for the immediate launch of ventures; (E) to advance the national security interests of the United States; (F) to demonstrate— (i) the ability to financially and operationally maintain and build on the outcomes or mission of the venture after the Foundation funding has ended; or (ii) a plan to strengthen the capacity of, and transfer skills and technologic tools to, local enterprises, organizations, or institutions to manage projects and other funded entities after the Foundation funding has been expended; and (G) to consider projects that meet the highest needs of food insecure populations based on food security, agriculture, and malnutrition assessments. (b) Eligible countries for ventures Before entering into any venture agreement pursuant to this section, the Board shall— (1) establish criteria to determine whether a country is eligible to receive funding for such a venture; and (2) identify ventures to receive support that— (A) advance the national security priorities of the United States; (B) have demonstrated leadership to modernize the country's agricultural food systems, in partnership with the private sector; and (C) are committed— (i) to making policy reforms to help transform, scale, and build enduring food systems; (ii) to cofinancing and sustaining long-term projects implemented by the Foundation; and (iii) to collaborating with stakeholders— (I) to increase agricultural production and crop yields; (II) to scale resilient food systems; and (III) to improve food safety, processing, logistics, and supply chain processes for input and output markets. (c) Funding authorized (1) In general In order to maximize the impact of the funding authorized under this section, the Foundation should— (A) coordinate with other international public and private donors or investors and local organizations active in food security to the extent possible; and (B) seek additional financial and nonfinancial contributions and commitments for its projects from host governments and other organizations. (2) Funding criteria Funding awarded pursuant to this section— (A) shall be provided to ventures that demonstrate progress, during the funding period, in achieving clearly identified performance indicators and outcomes defined in the project agreement, which may include— (i) increasing agricultural or food production through agriculture research and the competitive delivery of market-based financing, distribution and extension services, and supporting technology commercialization and adoption through such services; (ii) improving the nutritional status of intended beneficiaries by— (I) increasing the production, availability, and access of nutritious foods domestically; (II) promoting highly nutritious foods, diet diversification, and nutritional behaviors that improve maternal and child health; and (III) supporting the expansion of producer market opportunities; (iii) building resilient food systems to help mitigate against future food shocks among vulnerable populations and households; and (iv) identifying additional revenue sources or financing mechanisms to meet the recurring costs of ventures by serving as a conduit between institutional investors and the agribusiness sector; and (B) may be terminated if the Board determines that the country receiving such funding— (i) is not meeting applicable requirements under this Act; (ii) is not making progress in achieving the key performance indicators described in the project agreement; or (iii) is not advancing United States national security priorities.