; and (B) the Committee on Foreign Affairs and the Committee on Appropriations of the House of Representatives. (2) Less developed country The term less developed country means a country with a low-income economy, lower-middle-income economy, or upper-middle-income economy, as defined by the International Bank for Reconstruction and Development and the International Development Association (collectively referred to as the World Bank ). (3) Predecessor authority The term predecessor authority means authorities repealed by title VI. (4) Qualifying sovereign entity The term qualifying sovereign entity means— (A) any agency or instrumentality of a foreign state (as defined in section 1603 of title 28, United States Code); and (B) any international financial institution (as defined in section 1701(c) of the International Financial Institutions Act ( 22 U.S.C. 262r(c) )). I Establishment 101. Statement of policy It is the policy of the United States to facilitate market-based private sector development and economic growth in less developed countries through the provision of credit, capital, and other financial support— (1) to mobilize private capital in support of sustainable, broad-based economic growth, poverty reduction, and development through demand-driven partnerships with the private sector that further the foreign policy interests of the United States; (2) to finance development in a way that builds and strengthens civic institutions, promotes competition, provides for public accountability and transparency; (3) to help private sector actors overcome identifiable market gaps and inefficiencies without distorting markets; (4) to achieve clearly defined economic and social development outcomes; (5) to coordinate with institutions with purposes similar to the purposes of the Corporation to leverage resources of those institutions to produce the greatest impact; (6) to help countries currently receiving United States assistance to graduate from their status as recipients of assistance