12 JAM v. INTERNATIONAL FINANCE CORP. BREYER, J., dissenting A The “commercial activity” exception to the sovereign immunity of foreign nations is broad. We have said that a foreign state engages in “commercial activity’ when it exercises “‘powers that can also be exercised by private citizens.” Republic of Argentina, 504 U.S., at 614. Thus, “a contract to buy army boots or even bullets is a ‘commer- cial’ activity,” even if the government enters into the contract to “fulfil[l] uniquely sovereign objectives.” Ibid.; see also H. R. Rep. No. 94-1487, p. 16 1976) C[A] transac- tion to obtain goods or services from private parties would not lose its otherwise commercial character because it was entered into in connection with an [Agency for Interna- tional Development] program’). As a result of the majority’s interpretation, many of the international organizations to which the United States belongs will discover that they are now exposed to civil lawsuits based on their (U. S.-law-defined) commercial activity. And because “commercial activity” may well have a broad definition, today’s holding will at the very least create uncertainty for organizations involved in finance, such as the World Bank, the Inter-American Development Bank, and the Multilateral Investment Guarantee Agency. The core functions of these organizations are at least arguably “commercial” in nature; the organizations exist to promote international development by investing in foreign companies and projects across the world. See Brief for International Bank for Reconstruction and Develop- ment et al. as Amici Curiae 1—4; Brief for Member Coun- tries and the Multilateral Investment Guarantee Agency as Amici Curiae 13-15. The World Bank, for example, encourages development either by guaranteeing private loans or by providing financing from its own funds if pri- vate capital is not available. See Articles of Agreement of the International Bank for Reconstruction and Develop- ment, Art. I, Dec. 27, 1945, 6