Latin America and Caribbean Nearshoring Act

Latin America and Caribbean Nearshoring Act

This bill provides assistance to Latin American and Caribbean countries (generally excluding Cuba and Venezuela) to strengthen their critical mineral and energy supply chains, promote economic development, and advance good governance.

The bill requires the U.S. International Development Finance Corporation to provide loans, equity investments, insurance, and other assistance to support the efforts of eligible countries to secure their critical mineral and energy supply chains from the control and influence of China. The corporation must also provide this assistance for other purposes such as promoting private sector long-term economic development, advancing good governance, and encouraging investment in energy infrastructure and critical mineral mining.

The bill also authorizes the President to sell nuclear reactors to these countries if such a sale will not threaten U.S. national security and if certain other conditions are met (such as the purchasing country taking steps to reduce economic dependence on China).

Cuba and Venezuela shall be ineligible for assistance under this bill until the Department of State certifies to Congress that the relevant country's government has taken certain actions, such as (1) holding free and fair elections, (2) upholding human rights, and (3) taking significant steps to privatize its economy.