110 HR 7164 IH: Southern Africa Enterprise Development U.S. House of Representatives 2008-09-26 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.

I 110th CONGRESS 2d Session H. R. 7164 IN THE HOUSE OF REPRESENTATIVES September 26, 2008 Mr. Payne (for himself and Ms. Jackson-Lee of Texas) introduced the following bill; which was referred to the Committee on Financial Services A BILL To authorize the Southern Africa Enterprise Development Fund (SAEDF) to conduct public offerings or private placements for the purpose of soliciting and accepting venture capital, and for other purposes.

1.

Short title

This Act may be cited as the Southern Africa Enterprise Development Fund Act of 2008.

2.

Findings

Congress finds the following: (1)The Southern Africa Enterprise Development Fund (SAEDF) was created in 1994 for the purpose of providing financial services to stimulate the creation and expansion of indigenous, previously disadvantaged small- and medium-sized enterprises (SMEs) in the southern African region. (2)SAEDF’s geographic scope encompasses 11 vastly different southern African nations covering an area nearly the size of the United States. (3)SAEDF’s grant agreement with the United States Agency for International Development (USAID) requires that not less than 50 percent of its capital be invested in the Republic of South Africa. (4)SAEDF was conceived as an independent not-for-profit vehicle providing long-term risk capital as well as offering advice and technical assistance both to financial intermediaries and directly to individual firms, all for the purpose of creating socio-economic opportunities and job and wealth creation among disadvantaged groups. (5)SAEDF has achieved notable commercial accomplishments and has put more than $80,000,000 to work in carrying out its mission, providing financing to 29 indigenous ventures across southern Africa which directly employ over 2,000 workers and leading to the creation of an estimated 50,000 jobs.

3.

Use of United States private venture capital and nonapplicability of other laws

(a)

Use of private venture capital

In order to maximize the effectiveness of the activities of SAEDF, SAEDF may conduct public offerings or private placements for the purpose of soliciting and accepting venture capital which may be used, separately or together with funds made available from the United States Government, for any lawful investment purpose that the Board of Directors of SAEDF may determine in carrying out the activities of SAEDF. Financial returns on SAEDF investments that include a component of private venture capital may be distributed, at such times and in such amounts as the Board of Directors of SAEDF may determine, to the investors of such capital. (b)

Nonapplicability of other laws

Notwithstanding any other provision of law, funds obligated to SAEDF may be available and used for the purposes of its grant, this bill, or otherwise, and Executive branch agencies may conduct programs and activities and provide services in support of the activities of SAEDF notwithstanding any other provision of law.

4.

Definition

In this Act, the term Southern Africa Enterprise Development Fund or SAEDF includes any successor or related entity to SAEDF or any organization, corporation, limited-liability partnership, foundation, or other corporate structure that receives, or is authorized to manage, any or all of the remaining funds or assets of SAEDF.