To establish the Middle East Development Bank as an instrument for fostering regional development and economic cooperation among private businesses and governments in the region.

[AI summary unavailable — showing source text] Establishes the Middle East Development Bank as an agency of the United States. Directs such Bank to: (1) conduct financing, insurance, and reinsurance operations on a self-sustaining basis; (2) utilize private credit and investment institutions and the Overseas Private Investment Corporation's guaranty authority to mobilize capital investment funds; (3) broaden private participation and revolve its funds through selling its direct investments to private investors, where appropriate; (4) conduct its insurance operations with due regard to principles of risk management; (5) further the balance-of-payments and employment objectives of the United States; and (6) advise and assist interested agencies and organizations with respect to projects and programs relating to the development of cooperative enterprises in the Middle East.…