US SB1888

Establishes the United States Foundation for International Food Security as a private, nonprofit corporation in Washington, DC to leverage private sector investments for improving agricultural production, building resilient food systems, reducing malnutrition, and driving economic growth in developing countries

Governed by a Board of Directors of up to 15 members with expertise in agriculture, finance, and national security, serving 5-year terms with bipartisan representation required; Board must hire an Executive Director within 120 days of the initial meeting

Foundation may provide project financing, grants, concessional lending, equity investments, and credit risk insurance for ventures that increase agricultural productivity, improve nutrition, and build food system resilience, with cost-matching required from non-U.S. government sources

Prohibits support for governments that support terrorism, engage with foreign terrorist organizations, or commit gross human rights violations; also bars dealings with sanctioned persons unless authorized by the Secretary of State or Treasury

Secretary of State authorized to award annual grants to the Foundation using funds appropriated for the Economic Support Fund; Foundation must submit annual reports to Congress including progress on key performance indicators and independent financial audits