1.Appropriate congressional
committees definedIn this
Act, the term appropriate congressional committees means—
(1)the
Committee on Foreign Relations of the
Senate;
(2)the
Committee on Appropriations of the
Senate;
(3)the
Committee on Foreign Affairs of the House of
Representatives; and
(4)the
Committee on Appropriations of the House of
Representatives.
<enum>I</enum><header>Egypt-American
Enterprise Fund</header>
<section id="id18F3FADE1CF24ACB8F74AC96523C9773" section-type="subsequent-section"><enum>101.</enum><header>Short
title</header><text display-inline="no-display-inline">This title may be cited
as the <quote><short-title>Egyptian-American Enterprise
Fund Act</short-title></quote>.</text>
</section><section id="ID5b2a2c66207244bb8cc0eb7f99d85cff"><enum>102.</enum><header>Purpose and
findings</header>
<subsection id="id872EC5791D0D411497904644D894D537"><enum>(a)</enum><header>Purpose</header><text>The
purpose of this title is to support a transition to democracy in Egypt that is
successful, lasting, and reflective of the aspirations of the Egyptian people
for greater economic opportunity and political freedom through the creation of
an Egyptian-American Enterprise Fund that will support economic prosperity
through financial investment and technical assistance to small- and
medium-sized enterprises.</text>
</subsection><subsection id="id9F09FF9D368B487986BE4F0F4053F00C"><enum>(b)</enum><header>Findings</header><text display-inline="yes-display-inline">Congress makes the following
findings:</text>
<paragraph id="ID300f5a361bc3412ebabc160f6624cb01"><enum>(1)</enum><text>The United States
and Egypt have a strong, long-standing bilateral relationship.</text>
</paragraph><paragraph id="id1F0BDB20D0BC46E498129AD32133DF85"><enum>(2)</enum><text>Egypt—</text>
<subparagraph id="id9A71E41CE05949CC91E65BA180B967BC"><enum>(A)</enum><text>plays an important
role in—</text>
<clause id="id91E127B5188F4535BFA5AD2C9597AC29"><enum>(i)</enum><text>global and
regional politics; and</text>
</clause><clause id="idC566422883014078A9BCFF810381999B"><enum>(ii)</enum><text>the broader
Middle East and North Africa; and</text>
</clause></subparagraph><subparagraph id="idB76DC5F308604698B023B8448296533C"><enum>(B)</enum><text>has been an
intellectual, economic, and cultural center of the Arab world for many
years.</text>
</subparagraph></paragraph><paragraph id="ID0ccde137a6ac4ed982104c0456177432"><enum>(3)</enum><text>On January 25,
2011, demonstrations began throughout Egypt in which thousands of protesters
peacefully called for—</text>
<subparagraph id="id4A12EECDCB76405D9957E53FAB6DE0AD"><enum>(A)</enum><text>a new
government;</text>
</subparagraph><subparagraph id="id805D6C5F6E26433BA7C5500808670682"><enum>(B)</enum><text>free and fair
elections;</text>
</subparagraph><subparagraph id="id6E4468A9D12B4E92948AE75DBED6D69B"><enum>(C)</enum><text>significant
constitutional and political reforms;</text>
</subparagraph><subparagraph id="id92015C8E6EB74302A3316C83A9C2CF17"><enum>(D)</enum><text>greater economic
opportunity; and</text>
</subparagraph><subparagraph id="idA89AF59230AA44C3A3FBC63BA246E1AB"><enum>(E)</enum><text>an end to
government corruption.</text>
</subparagraph></paragraph><paragraph id="idD5539033FE774B6391263EE908989A2D"><enum>(4)</enum><text>The demonstrators'
perseverance in the face of violence and intimidation—</text>
<subparagraph id="id9A486EFE9A5F46E493D8B2179CA3FAC1"><enum>(A)</enum><text>culminated in the
February 11, 2011 resignation of President Hosni Mubarak; and</text>
</subparagraph><subparagraph id="id7A5CE434B97549589A2C3B98E842DF81"><enum>(B)</enum><text>inspired democracy
activists throughout the region and around the world.</text>
</subparagraph></paragraph><paragraph id="ID274c8bd8aab347708f98c51cf0f00656"><enum>(5)</enum><text>The United States
has a strong interest in—</text>
<subparagraph id="idA3D5B56EEB42400D9AEC9A46D6792798"><enum>(A)</enum><text>an orderly and
peaceful transition to democracy in Egypt; and</text>
</subparagraph><subparagraph id="idBBFB496FCEB54119953395847B4A7E08"><enum>(B)</enum><text>assisting the
people of Egypt to form a representative and democratic political and economic
system that respects universal values.</text>
</subparagraph></paragraph><paragraph id="id5DF037C2A8264E408F358F8F9E0D60D8"><enum>(6)</enum><text>Egypt—</text>
<subparagraph id="idD404518B281E4409A88424BA83DEB411"><enum>(A)</enum><text>has a
well-developed civil society and governing institutions; and</text>
</subparagraph><subparagraph id="id499F5A8A86C7499BA97EE272A65081C4"><enum>(B)</enum><text>was well-served
by—</text>
<clause id="idCF1FB300575F41D19A3E372591A4539F"><enum>(i)</enum><text>the extraordinary
determination shown by the people of Egypt in forcing President Mubarak to
abdicate; and</text>
</clause><clause id="idCCEC65AC6CB24CF68FF7E35BB84EA986"><enum>(ii)</enum><text>the restraint
demonstrated by the Egyptian military.</text>
</clause></subparagraph></paragraph><paragraph id="id60A64263E1A44E918F76EA96EE0E2289"><enum>(7)</enum><text>In 2010—</text>
<subparagraph id="id87041FFDF34F4B46AE10856B06FB393F"><enum>(A)</enum><text>the inflation rate
in Egypt was approximately 11 percent; and</text>
</subparagraph><subparagraph id="id1713D0AA4DEF4ACCBEEF78BCF53EFFE2"><enum>(B)</enum><text>Egypt's foreign
debt was equal to 16 percent of its $216,000,000,000 gross domestic product
(GDP).</text>
</subparagraph></paragraph><paragraph id="id3335DAF59E884EA1ACF7081171125D89"><enum>(8)</enum><text>As a result of the
dramatic events in Egypt in February 2011—</text>
<subparagraph id="id3E79236118014C37A2B86D8C68CBC667"><enum>(A)</enum><text>Egypt's economy
was brought to a near standstill and continues to experience lingering
effects;</text>
</subparagraph><subparagraph id="id1EE83DA22C48410C91D92CDB579D8D65"><enum>(B)</enum><text>widespread strikes
slowed down Egypt's manufacturing output and banks closed down for intermittent
periods; and</text>
</subparagraph><subparagraph id="id2FB591A663774371B6966B990AF4AAF6"><enum>(C)</enum><text>the value of the
Egyptian stock market fell by 16 percent in the 2 days before it was closed on
January 30, 2011.</text>
</subparagraph></paragraph><paragraph id="ID10bad8c644874184a9466d980410e068"><enum>(9)</enum><text>According to
analyst estimates, as a result of recent events in Egypt—</text>
<subparagraph id="id4900A2F9A01C44BEA7107A81E68A8851"><enum>(A)</enum><text>forecasted growth
for Egypt’s GDP has dropped from 6 percent to between 3.1 and 3.5
percent;</text>
</subparagraph><subparagraph commented="no" id="id17543DF5B79F4036B62C2AC3DA37DE16"><enum>(B)</enum><text>the amount of
workers' remittances coming into Egypt will likely decline;</text>
</subparagraph><subparagraph commented="no" id="id8B5054EE6D4A439EBF36502AA01A1F00"><enum>(C)</enum><text>the amount of
regional securities purchased by foreign investors will likely decrease, which
will require fiscal deficits to be financed by domestic banks and reduce the
availability of credit for private sector borrowers;</text>
</subparagraph><subparagraph commented="no" id="id1533A5F794FF43CEAE500DF7801E8B97"><enum>(D)</enum><text>heightened
political uncertainty will likely lead to a downturn in tourism, which accounts
for 8.2 percent of Egypt’s GDP and 7 percent of Egypt's direct employment;
and</text>
</subparagraph><subparagraph commented="no" id="ID6d47baf3eb10400a93970e8b9ac302e4"><enum>(E)</enum><text>foreign direct
investment (FDI) in Egypt is predicted to decrease.</text>
</subparagraph></paragraph><paragraph id="ID5784b2910bff4865be1bf859fec7f3cc"><enum>(10)</enum><text>The most recent
official estimates of the unemployment rate in Egypt is 9.2 percent. Unofficial
estimates of the current unemployment rate in Egypt range between 15 and 20
percent. The unemployment rate for Egyptian youth is estimated at 24.8 percent.
Egyptian women, who are more affected by spikes in unemployment, face an
unemployment rate of nearly 25 percent compared to the 6.7 percent unemployment
rate for Egyptian men.</text>
</paragraph><paragraph id="idDD75F4E23C11483FB8418370308CC838"><enum>(11)</enum><text>An estimated 61
percent of the population of Egypt is younger than 30 years of age.</text>
</paragraph><paragraph id="idBF7E799584B54F91BE2D800F509DC0AB"><enum>(12)</enum><text>Private sector
employment in Egypt increased from 11,000,000 to 15,100,000 between 1999 and
2007.</text>
</paragraph><paragraph id="id02CED251A5D64B25A555F75658026E1B"><enum>(13)</enum><text>According to the
International Finance Corporation’s 2009 <quote>SME Banking Knowledge
Guide</quote>—</text>
<subparagraph id="id555A5401E10B4875986B2323D3E7AE74"><enum>(A)</enum><text>the small and
medium enterprise (SME) market in Egypt was estimated at 160,000;</text>
</subparagraph><subparagraph id="idB463148E5E62471186800C14F0F0ED93"><enum>(B)</enum><text>of these firms,
about 98 percent employed fewer than 50 people;</text>
</subparagraph><subparagraph id="idA9429A12F7E745609DEBFE6135187420"><enum>(C)</enum><text>Egypt had an
estimated 2,400,000 microenterprises; and</text>
</subparagraph><subparagraph id="id86A9E0472C324565B0422ABFCA89BD70"><enum>(D)</enum><text>68 percent of the
SMEs in Egypt have bank accounts, but only 12 percent of those with bank
accounts had taken out loans.</text>
</subparagraph></paragraph><paragraph id="idEFF61436E71A4495BD6CA5B9C520C315"><enum>(14)</enum><text>A challenge for
SMEs is that they are not always considered a significant customer base for
banks and services don’t meet the unique needs of this market segment.</text>
</paragraph><paragraph id="id258B971519A5476B8DC00ED4BBA94D40"><enum>(15)</enum><text>According to the
Government of Egypt's Small and Medium Enterprise Development Unit, SMEs
constitute nearly 75 percent of private sector employment.</text>
</paragraph><paragraph id="id171AAE790C284DC6BEC32528BF9927BE"><enum>(16)</enum><text>According to the
World Bank report entitled <quote>Access to Finance and Economic Growth in
Egypt</quote>—</text>
<subparagraph id="idCE1284F5C5D14ABB979BE0FDDEBE1551"><enum>(A)</enum><text>even before the
recent political events in Egypt, private-sector credit to GDP in Egypt was
modest compared to other developing economies;</text>
</subparagraph><subparagraph id="idA1DAA604659A4FB8A69E458300692617"><enum>(B)</enum><text>private credit as
a share of total credit has been declining;</text>
</subparagraph><subparagraph id="idF7FC1FE051DC44AE8826ADEDF0241FD1"><enum>(C)</enum><text>the distribution
of bank financing is uneven, with most loans going to large and
well-established enterprises; and</text>
</subparagraph><subparagraph id="id667A2FBD34754801B9E49E66E0C1BF11"><enum>(D)</enum><text>as a consequence,
family-owned firms and SMEs, which represent the majority of firms in Egypt,
rely heavily on the informal market.</text>
</subparagraph></paragraph><paragraph id="ID7baa0428c9ec42e4b05cf87cb9c6fcac"><enum>(17)</enum><text>To help foster
and support the fledgling private sector after the fall of the Berlin Wall,
Congress, through enactment of the Support for East European Democracy (SEED)
Act of 1989 (22 U.S.C. 5401 et seq.) and the FREEDOM Support Act (22 U.S.C.
5801 et seq.), authorized nearly $1,200,000,000 for the United States Agency
for International Development (USAID) to establish 10 new investment funds
(collectively known as the <quote>Enterprise Funds</quote>) throughout Central
and Eastern Europe and the former Soviet Union.</text>
</paragraph><paragraph id="id77FF072C6FC74210AF5ED212B51A6DA2"><enum>(18)</enum><text>The Enterprise
Funds—</text>
<subparagraph id="id90F1F255AB67400C83B992283985E6CC"><enum>(A)</enum><text>channeled funding
into more than 500 enterprises in 19 countries;</text>
</subparagraph><subparagraph id="idB0FE7415CF51410DBF3A9ABF18D8231C"><enum>(B)</enum><text>leveraged an
additional $5,000,000,000 in private investment capital from outside the United
States Government;</text>
</subparagraph><subparagraph id="idF476737325A84D0DACAF7C4EEA41D6D9"><enum>(C)</enum><text>provided
substantial development capital where supply was limited;</text>
</subparagraph><subparagraph id="id707652E942D14DBE9C42126C0CDA98D5"><enum>(D)</enum><text>created or
sustained more than 260,000 jobs through investment and development
activities;</text>
</subparagraph><subparagraph id="idC63074CB15A04B8A8F075E9C305BFFE5"><enum>(E)</enum><text>funded $74,000,000
in technical assistance to strengthen the private sector; and</text>
</subparagraph><subparagraph id="id56748850CA4348E082068E5225BDB018"><enum>(F)</enum><text>are expected to
recoup 137 percent of the original USAID funding.</text>
</subparagraph></paragraph><paragraph id="IDcaf7fcf7bbe446ab90fee21ee9d3e349"><enum>(19)</enum><text>Enterprise funds
established in partnership with United States partners, such as Poland,
Hungary, Albania, Russia, and other European countries, have proven beneficial
to the economies of such countries.</text>
</paragraph><paragraph id="id54EC0072D6F544A98BE03755565E0CEA"><enum>(20)</enum><text>Creating a
similar fund in close partnership with the people of Egypt would help sustain
and expand reform efforts in Egypt and empower Egyptian entrepreneurs with the
resources required to create urgently needed employment opportunities.</text>
</paragraph><paragraph id="idB9AC8031E6684B10B27A126D17319DC2"><enum>(21)</enum><text>Establishing an
enterprise fund for Egypt would—</text>
<subparagraph id="idF48F5FEE47BB4F2EBE3796A659E0B092"><enum>(A)</enum><text>help reinforce
financial institutions within the country;</text>
</subparagraph><subparagraph id="idA54775CCB01C47AD871ABE8CE4332D3A"><enum>(B)</enum><text>provide debt and
equity investment for commercially viable SMEs; and</text>
</subparagraph><subparagraph id="id4AA2EA1ADEB246A7AD08F1A504FA9BD7"><enum>(C)</enum><text>make the
investment environment more attractive to domestic and international
investors.</text>
</subparagraph></paragraph></subsection></section><section id="ID5b352220e51443f8adbbb547157f6a74"><enum>103.</enum><header>Purposes of
Egyptian-American Enterprise Fund</header><text display-inline="no-display-inline">The purposes of the Egyptian-American
Enterprise Fund are—</text>
<paragraph id="ID838fe377ed03401dbed8d21af02e06c1"><enum>(1)</enum><text>to promote the
private sector in Egypt, while considering the development impact of
investments and profitability of those investments, particularly in small- and
medium-sized enterprises, and joint ventures with participants from the United
States and Egypt;</text>
</paragraph><paragraph id="ID775145461b9f4f20857397fba1d764b0"><enum>(2)</enum><text>to promote
policies and practices conducive to strengthening the private sector in Egypt
through measures including loans, microloans, equity investments, insurance,
guarantees, grants, feasibility studies, technical assistance, training for
businesses receiving investment capital, and other measures;</text>
</paragraph><paragraph id="ID309ed4f7f5054f9fa6af363595fe0b4d"><enum>(3)</enum><text>to promote good
corporate governance and transparency in Egypt, foster competition, catalyze
productivity improvements in existing businesses, and strengthen local capital
markets; and</text>
</paragraph><paragraph id="IDb8cdfd70e8034c99a7d8de63cfddb5a4"><enum>(4)</enum><text>to promote
security through job creation in the private sector in Egypt and to further the
creation of a middle class in Egypt.</text>
</paragraph></section><section id="IDa2d302c578e145dc891f4af5b2a48fd8"><enum>104.</enum><header>Egyptian-American
Enterprise Fund</header>
<subsection id="IDb5c329cce18e4982bae8f2c64cb2dc7e"><enum>(a)</enum><header>Establishment</header><text>The
President is authorized to establish or designate a private, nonprofit
organization (to be known as the <quote>Egyptian-American Enterprise
Fund</quote>) to receive funds and support made available under this title
after determining that such organization has been established for the purposes
specified in section 103. The President should make such designation only after
consultation with the leadership of each House of Congress.</text>
</subsection><subsection id="ID2ca4668423b54e488e7ac3764f4ff049"><enum>(b)</enum><header>Board of
directors</header>
<paragraph id="IDf8b6251dbc1f436daff5e0099c4b2a35"><enum>(1)</enum><header>Appointment</header><text>The
Egyptian-American Enterprise Fund shall be governed by a Board of Directors,
which shall be comprised of 4 private citizens of the United States and 3
private citizens of Egypt, appointed by the President of the United States in
consultation with the Government of Egypt.</text>
</paragraph><paragraph id="IDf38f8d64540f4d0883cbefc9248951d7"><enum>(2)</enum><header>Qualifications</header><text>Members
of the Board of Directors shall be selected from among people who have had
successful business careers and demonstrated experience and expertise in
international and particularly emerging markets investment activities, such as
private equity or venture capital investment, banking, finance, strategic
business consulting, or entrepreneurial business creation, and backgrounds in
priority business sectors of the Fund.</text>
</paragraph><paragraph id="ID740a945820e04570a3ad2a041f688705"><enum>(3)</enum><header>Additional USAID
non-voting board member</header><text>The President shall appoint 1 official or
employee of the United States Agency for International Development as an
additional non-voting member of the Board.</text>
</paragraph><paragraph id="IDfb9149a7b0d742aba9b8bcaa2ed13f22"><enum>(4)</enum><header>Additional
non-government non-voting board members</header>
<subparagraph id="idB26ECA144A4B472B94E531041400C014"><enum>(A)</enum><header>Authority to
appoint</header><text>Upon the recommendation of the Board of Directors, the
President may appoint up to 2 additional non-voting members to the Board of
Directors in addition to the members specified in paragraphs (1) and (3), of
which not more than 1 may be a non-citizen of the United States.</text>
</subparagraph><subparagraph id="id3C3F58D5571F47C1BF38ED3BF7D0AEAE"><enum>(B)</enum><header>NGO
community</header><text>One of the additional nonvoting Board members shall be
from the nongovernmental organization community, with significant prior
experience in development and an understanding of development policy priorities
for Egypt.</text>
</subparagraph><subparagraph id="id37498090C91D4E24BD2BA1D4C08CB5B9"><enum>(C)</enum><header>Technical
expertise</header><text>One of the additional non-voting Board members shall
have extensive demonstrated industry, sector, or technical experience and
expertise in a priority investment sector for the Fund.</text>
</subparagraph></paragraph></subsection><subsection id="ID7bae41ca176345c79a48951a68e74785"><enum>(c)</enum><header>Grants</header>
<paragraph id="ID08bc074d6107430cace968e1924e3cfc"><enum>(1)</enum><header>In
general</header><text>The President may use funds appropriated by any Act, in
this fiscal year or prior fiscal years, making appropriations for the
Department of State, foreign operations, and related programs, including funds
previously obligated, that are otherwise available for such purposes,
notwithstanding any other provision of law—</text>
<subparagraph id="id8E7AE55384E14F4CBB658BEC90B39A5B"><enum>(A)</enum><text>to carry out the
purposes set forth in section 103 through the Egyptian-American Enterprise
Fund; and</text>
</subparagraph><subparagraph id="idA7BF5DF771A941E8A264FFF23E37B808"><enum>(B)</enum><text>to pay for the
administrative expenses of the Egyptian-American Enterprise Fund, which shall
not exceed 5 percent of the amounts made available for the Fund.</text>
</subparagraph></paragraph><paragraph id="ID11b3a157a3ce43c5ad5e54309d221242"><enum>(2)</enum><header>Eligible
programs and projects</header><text>Grants awarded under this section may only
be used for programs and projects that support the purposes set forth in
section 103.</text>
</paragraph><paragraph id="ID9e32b79d3d1345d4b0ae8251f52f168d"><enum>(3)</enum><header>Compliance
requirements</header>
<subparagraph id="ID1477c490c8b3452283b4b6a1038e1996"><enum>(A)</enum><header>In
general</header><text>Grants may not be awarded to the Egyptian-American
Enterprise Fund under this section unless the Fund agrees to comply with the
requirements under this section.</text>
</subparagraph><subparagraph id="ID15d4dbcb2466470fae9c3e230872803a"><enum>(B)</enum><header>Grant
agreement</header><text>The grant agreement between the United States Agency
for International Development and the Egyptian-American Enterprise Fund shall
state that the Fund shall liquidate its assets and dissolve not later than
December 31, 2021, unless the Secretary of State, in consultation with the
Administrator of the United States Agency for International Development, and
after consultation with the appropriate congressional committees, determines
that the Fund should be extended.</text>
</subparagraph><subparagraph id="IDb03d9244ca014416b4ee747c166ae53c"><enum>(C)</enum><header>Prevention of
money laundering and terrorist financing</header><text>The grant agreement
between the United States Agency for International Development and the
Egyptian-American Enterprise Fund shall state that the Fund shall comply with
procedures specified by the Secretary of State to ensure that grant funds are
not provided by the Fund to or through any individual, private or government
entity, or educational institution that advocates, plans, sponsors, engages in,
or has engaged in, money laundering or terrorist activity or, with respect to a
private entity or educational institution, that has as a principal officer of
the entity’s governing board or governing board of trustees any individual that
has been determined to be involved in or advocating money laundering or
terrorist activity or determined to be a member of a designated foreign
terrorist organization.</text>
</subparagraph><subparagraph id="IDb92967bdc0de4d709ac004e21cb84eee"><enum>(D)</enum><header>Disposition of
assets</header><text>The assets of the Egyptian-American Enterprise Fund at the
time the Fund is dissolved shall be returned to the General Fund of the United
States Treasury and used to reduce the debt of the United States.</text>
</subparagraph></paragraph></subsection><subsection id="ID7329c781b0ae4b3ba8a6460aa60b8be0"><enum>(d)</enum><header>Notification</header>
<paragraph id="IDc14b339c8ae14616b51e6bc1447f1b1e"><enum>(1)</enum><header>In
general</header><text>Not later than 15 days before designating an organization
to operate as the Egyptian-American Enterprise Fund pursuant to subsection (a),
the President shall provide the information described in paragraph (2) to the
Chairman and Ranking Member of the appropriate congressional committees.</text>
</paragraph><paragraph id="IDeef766909a5a44b0a37032d9cc2e7550"><enum>(2)</enum><header>Information</header><text>The
information described in this paragraph is—</text>
<subparagraph id="ID563553a9dafe48f185e01811c60ebe5e"><enum>(A)</enum><text>the identity of
the organization to be designated to operate as the Egyptian-American
Enterprise Fund pursuant to subsection (a);</text>
</subparagraph><subparagraph id="IDa48f7b2526e6401da5bf99de9f784af3"><enum>(B)</enum><text>the names and
qualifications of the individuals who will comprise the initial Board of
Directors; and</text>
</subparagraph><subparagraph id="idCB3471A9A11F4C13B1028E9751DBC83F"><enum>(C)</enum><text>the procedures
referred to in subsection (c)(3)(C) that will apply to the Egyptian-American
Enterprise Fund for purposes of curtailing money-laundering and terrorist
financing activities.</text>
</subparagraph></paragraph></subsection><subsection commented="no" id="ID2bba6b7153b742fab2b206f5d582c013"><enum>(e)</enum><header>Public
disclosure</header><text>Not later than 1 year after the entry into force of
the initial grant agreement under this section, and annually thereafter, the
Fund shall prepare and make available to the public on an Internet Web site
administered by the Fund a report on the Fund’s activities during the previous
year, including—</text>
<paragraph commented="no" id="ID5dd1b0de60ff420dae868a024ac83fc9"><enum>(1)</enum><text>a description of
each investment or project supported by the Fund, including each type of
assistance provided in accordance with section 103(2);</text>
</paragraph><paragraph commented="no" id="ID6270e2d93c544703bff3853d6dbaf0dc"><enum>(2)</enum><text>the amounts
invested by the Fund in each company or project;</text>
</paragraph><paragraph commented="no" id="ID35097ba3c5624e5eb10b6d6baca8b50e"><enum>(3)</enum><text>the amounts of
additional private investments made in each company or project; and</text>
</paragraph><paragraph commented="no" id="ID558dc48324cf4338a0d5c002bdadf8d6"><enum>(4)</enum><text>the amounts of any
profits or losses realized by the Fund in connection with each such company or
project.</text>
</paragraph></subsection></section><section id="ID224515f1a9884ff59b187fe1c5d75598"><enum>105.</enum><header>Reports</header>
<subsection id="id2B599D82B2234B52A23BF2990E0A2656"><enum>(a)</enum><header>Administrative
expenses</header><text display-inline="yes-display-inline">Not later than 1
year after the date of the enactment of this Act, and annually thereafter until
the Fund is dissolved, the Fund shall submit to the appropriate congressional
committees a report detailing the administrative expenses of the Fund.</text>
</subsection><subsection id="ID7764a62799f946c9b071336a90e81d81"><enum>(b)</enum><header>GAO
report</header><text>Not later than 3 years after the date of the enactment of
this Act, and every 3 years thereafter until the Fund is dissolved, the
Comptroller General of the United States shall submit to the appropriate
congressional committees a report assessing the activities of the Fund in
achieving the stated goals of promoting private sector investment and
employment in Egypt and identifying those institutional or regulatory
constraints that inhibit a more effective application of Fund resources.</text>
</subsection></section><section id="IDe1c3676833604540ab6a0666c3cd7bf1"><enum>106.</enum><header>Operation
provisions</header>
<subsection id="IDf07a2ba6e98e426f8f43026fc7a20e37"><enum>(a)</enum><header>Applicable
provisions</header><text>Subsections (d)(5), (g), (h), (i), (k), (l), (m), (n),
(o), and (p) of section 201 of the Support for East European Democracy (SEED)
Act of 1989 (22 U.S.C. 5421) shall apply with respect to the Egyptian-American
Enterprise Fund in the same manner as such provisions apply to Enterprise Funds
designated pursuant to subsection (d) of such section.</text>
</subsection><subsection id="ID6ae51532bf4a407c850f33a2d095d608"><enum>(b)</enum><header>Reinvestment</header><text>Returns
on investments of the Egyptian-American Enterprise Fund and other payments to
the Fund may be reinvested in projects carried out by the Fund without further
appropriation by Congress.</text>
</subsection></section><section id="IDdc3c12f4f83a4b2ebe959e30781130a1"><enum>107.</enum><header>Best practices
and procedures</header><text display-inline="no-display-inline">To the maximum
extent practicable, the Board of Directors of the Egyptian-American Enterprise
Fund should adopt the best practices and procedures used by Enterprise Funds,
including those for which funding has been made available pursuant to section
201 of the Support for East European Democracy (SEED) Act of 1989 (22 U.S.C.
5421).</text>
</section><section id="ID1b81f17c54c84413abc080f2ea1a12b5"><enum>108.</enum><header>Experience of
other enterprise funds</header><text display-inline="no-display-inline">In
implementing this title, the President shall ensure that the Articles of
Incorporation of the Egyptian-American Enterprise Fund (including provisions
specifying the responsibilities of the Board of Directors of the Fund), the
terms of United States Government grant agreements with the Fund, and United
States Government oversight of the Fund are, to the maximum extent practicable,
consistent with the Articles of Incorporation of, the terms of grant agreements
with, and the oversight of the Enterprise Funds established pursuant to section
201 of the Support for East European Democracy (SEED) Act of 1989 (22 U.S.C.
5421) and comparable provisions of law.</text>
</section><enum>II</enum><header>Tunisian-American
Enterprise Fund</header>
<section id="S1" section-type="subsequent-section"><enum>201.</enum><header>Short
title</header><text display-inline="no-display-inline">This title may be cited
as the <quote><short-title>Tunisian-American Enterprise
Fund Act</short-title></quote>.</text>
</section><section id="idA5377961FFBF4F7E8DFC7451E15365F8"><enum>202.</enum><header>Purpose and
findings</header>
<subsection id="idA5EF1A9FEE0546928D6C95A01F32CAB9"><enum>(a)</enum><header>Purpose</header><text>The
purpose of this title is to support a transition to democracy in Tunisia that
is successful, lasting, and reflective of the aspirations of the Tunisian
people for greater economic opportunity and political freedom through the
creation of a Tunisian-American Enterprise Fund that will support economic
prosperity through financial investment and technical assistance to small- and
medium-sized enterprises.</text>
</subsection><subsection id="id3A435DCB99E8462BA041D2D150C4CF17"><enum>(b)</enum><header>Findings</header><text display-inline="yes-display-inline">Congress makes the following
findings:</text>
<paragraph id="ID68afc969893d4061832e821e7b12c9d8"><enum>(1)</enum><text>The United States
and Tunisia have a strong, long-standing bilateral relationship.</text>
</paragraph><paragraph id="idEFCFB33C91374B328F2E0DA68E702F51"><enum>(2)</enum><text>Tunisia—</text>
<subparagraph id="id881BE5D3C45B41CC9C44325B07011CD9"><enum>(A)</enum><text>plays an important
strategic role in promoting peace and security in North Africa, the broader
Middle East, and elsewhere; and</text>
</subparagraph><subparagraph id="id314AD3485A8541E8A781222B7E16D455"><enum>(B)</enum><text>has been, and
continues to be, a regional center for foreign investment and tourism.</text>
</subparagraph></paragraph><paragraph id="ID94dbabc67f1b4264ae742306b0e873c5"><enum>(3)</enum><text>On December 18,
2010, after the self-immolation of a young street vendor, Mohamed Bouazizi,
protests broke out in Sidi Bouzid, Tunisia.</text>
</paragraph><paragraph id="idE1A24011B6AF48E88FD5950CD66EBC55"><enum>(4)</enum><text>The protests,
which quickly spread across Tunisia, involved peaceful demonstrators calling
for—</text>
<subparagraph id="id299ACDB4BFF3486D86FE5F1059980D9E"><enum>(A)</enum><text>a new
government;</text>
</subparagraph><subparagraph id="id7551E11AE05F4181A71666A1A84D7363"><enum>(B)</enum><text>free and fair
elections;</text>
</subparagraph><subparagraph id="id52A7163FDD20414B8B4AB702576EF0B1"><enum>(C)</enum><text>significant
political reforms;</text>
</subparagraph><subparagraph id="id98E1830527C948B189C9DFA3BA1F1FB5"><enum>(D)</enum><text>greater economic
opportunity; and</text>
</subparagraph><subparagraph id="id85E333D5623149FC8F6A370E49FBEAA3"><enum>(E)</enum><text>an end to
government corruption.</text>
</subparagraph></paragraph><paragraph id="id16BDD9146FC640348EC198F9BF05C765"><enum>(5)</enum><text>The protests
culminated in the ouster of President Zine el-Abidine Ben Ali on January 14,
2011, inspiring democracy activists throughout the region and around the
world.</text>
</paragraph><paragraph id="IDb73f0695100f41b6bff601f5873a34e3"><enum>(6)</enum><text>The United States
has a strong interest in—</text>
<subparagraph id="idC6BCE86AD66A49DCAF5775858EE4D5C8"><enum>(A)</enum><text>an orderly and
peaceful transition to democracy in Tunisia; and</text>
</subparagraph><subparagraph id="id654F8FA8EB1C4F199BA3301455374E5B"><enum>(B)</enum><text>assisting the
people of Tunisia to form a representative and democratic political and
economic system that respects universal values.</text>
</subparagraph></paragraph><paragraph id="id95F9C3497B004C79BA9AA6EBBED9ED3F"><enum>(7)</enum><text>Tunisia—</text>
<subparagraph id="id1D614FC6761B48E69A391B14A8A19C5F"><enum>(A)</enum><text>has a
well-educated and secular population that displayed extraordinary determination
in forcing President Ben Ali to abdicate; and</text>
</subparagraph><subparagraph id="idE0BD6950F1F8436F9989F034A367AF95"><enum>(B)</enum><text>is well-positioned
to make a successful democratic transition.</text>
</subparagraph></paragraph><paragraph id="IDfdc2ad4b131a4f4d98a3974d3711ccc6"><enum>(8)</enum><text>In 2010—</text>
<subparagraph id="id3B783EB9F3594135B88527784D11D4DA"><enum>(A)</enum><text>the inflation rate
in Tunisia was approximately 4.4 percent;</text>
</subparagraph><subparagraph id="ID2df1cf1a1d1c458cab3fb8b33a663769"><enum>(B)</enum><text>Tunisia’s foreign
debt was equal to 46 percent of its $44,000,000,000 gross domestic product
(GDP); and</text>
</subparagraph><subparagraph id="ID8f1791f4971d47d1b8dfb5cf448ceec1"><enum>(C)</enum><text>according to The
Peterson Institute of Economics, Tunisia was the only country in the region in
which per capita incomes have gradually converged with the industrial
democracies of the Organization of Economic Cooperation and Development
(OECD).</text>
</subparagraph></paragraph><paragraph id="IDdf904cf77c29453b80622ea32482306a"><enum>(9)</enum><text>According to the
World Economic Forum's 2010–2011 Global Competitiveness Report—</text>
<subparagraph id="id8C492E32682E4011BCBACB66ABAFDC4C"><enum>(A)</enum><text>Tunisia ranks
first in competitiveness among African nations; and</text>
</subparagraph><subparagraph id="idE1D34777A98C493F9FA93D66DD527ED2"><enum>(B)</enum><text>Tunisia's most
problematic factor for doing business is lack of access to financing.</text>
</subparagraph></paragraph><paragraph id="IDb1bad40ef45c4f798179981d493f8bab"><enum>(10)</enum><text>According to the
International Monetary Fund (IMF), Tunisia had weathered the global economic
crisis well, having entered the crisis with strong fundamentals.</text>
</paragraph><paragraph id="ID4582af9746af4f7784f951cd023b9f70"><enum>(11)</enum><text>As a result of
the dramatic events in Tunisia during January 2011—</text>
<subparagraph id="IDb9334397f14d4d38841aa834e8cad0a4"><enum>(A)</enum><text>Tunisia’s economy
was brought to a near standstill and continues to feel lingering
effects;</text>
</subparagraph><subparagraph commented="no" id="IDda13ae3f56c54667b5eab6f4fc8f5c4c"><enum>(B)</enum><text>Tunisia’s debt
rating was downgraded;</text>
</subparagraph><subparagraph id="ID9a7b236c29284150aa3fc0dd9c74a740"><enum>(C)</enum><text>tourism revenues,
which are responsible for an estimated 8.6 percent of direct contribution to
Tunisia's GDP, have dropped an estimated 40 percent compared to the previous
year;</text>
</subparagraph><subparagraph id="ID56ddac96bb82499ebfff6452b89647aa"><enum>(D)</enum><text>industrial output
and investment activity in Tunisia are experiencing significant short-term
reductions; and</text>
</subparagraph><subparagraph id="IDf8cf969563ce4cc68ea535017c895c82"><enum>(E)</enum><text>the value of the
Tunisian stock market fell by 14 percent.</text>
</subparagraph></paragraph><paragraph id="id0FBE2D17918C49F39E9A2474A370467C"><enum>(12)</enum><text>The Fitch Rating
Agency concluded, <quote>Although the transition to democracy could well
improve confidence in the long-term, political upheaval has worsened the
short-term outlook for the economy, public finances and financial
system</quote>.</text>
</paragraph><paragraph id="IDe588fb4b77cd452db8ed665620c5a61a"><enum>(13)</enum><text>Analysts estimate
that the recent events in Tunisia—</text>
<subparagraph id="IDae09746a9ea64989aab98138617148a1"><enum>(A)</enum><text>will increase
government deficits in Tunisia for the next 2 years, due in part to new
government spending; and</text>
</subparagraph><subparagraph id="ID29aeb1778fa745439cb3938a76b98897"><enum>(B)</enum><text>has shaken the
Tunisian economy, although Tunisia’s medium-term growth outlook remains
relatively good.</text>
</subparagraph></paragraph><paragraph id="IDc77b6725fdc7440c9568b3cb876cc653"><enum>(14)</enum><text>According to
IMF’s Middle East and Central Asia Department—</text>
<subparagraph id="idCC3478AD067E45A5B742766B724CE571"><enum>(A)</enum><text>Tunisia’s tourism
and foreign direct investment (FDI) inflows will continue to decline, which
will negatively impact the rest of the Tunisian economy;</text>
</subparagraph><subparagraph id="ID092a949e197e48d5bf265fcf5bd2f6e9"><enum>(B)</enum><text>recent events in
Tunisia have illustrated the need for more inclusive growth and better
governance in Tunisia; and</text>
</subparagraph><subparagraph id="id2CE933D8C9B44C049F6C08B114911A05"><enum>(C)</enum><text>it is important to
recognize that the Tunisian society has enduring strengths.</text>
</subparagraph></paragraph><paragraph id="ID06a7f71894cb449dad27e2bf10135636"><enum>(15)</enum><text>The World Bank
estimates that Tunisian banks may face stress as second round effects of the
slowdown in businesses and investment permeate.</text>
</paragraph><paragraph id="ID1ce9bae260f648bb95c7480534a3c1c6"><enum>(16)</enum><text>Foreign direct
investment, which is a crucial component of Tunisia’s economic health, created
24 percent of the new jobs in 2009, according to Tunisia’s Ministry of Planning
and International Cooperation.</text>
</paragraph><paragraph id="IDeaa6229619ec4dc2a752ae2707ea04eb"><enum>(17)</enum><text>According to the
African Development Bank—</text>
<subparagraph id="idB09BD7CE2AF64911A3347FAB54F8FE36"><enum>(A)</enum><text>Tunisia has
pursued governance reforms in an effort to increase FDI and boost local
enterprises; and</text>
</subparagraph><subparagraph id="id3D2ABFA2EF3E406C8C87B838675E1977"><enum>(B)</enum><text>Small- and
medium-sized enterprises in Tunisia require support to access finance outside
of the traditional lines of credit because sources of finance for enterprises
in Tunisia are weak.</text>
</subparagraph></paragraph><paragraph id="ID72fe4ee5155840218781d73f5b832e26"><enum>(18)</enum><text>According to the
most recent official estimates—</text>
<subparagraph id="idA3F21E74DC2944BBA94656C546D9E7F8"><enum>(A)</enum><text>the unemployment
rate in Tunisia is 13 percent;</text>
</subparagraph><subparagraph id="id726E3BDB47E74D28AF5744848E549883"><enum>(B)</enum><text>the youth
unemployment rate is 30.7 percent; and</text>
</subparagraph><subparagraph id="idA8E2C144F85E4506B225DA280D209AB9"><enum>(C)</enum><text>51 percent of the
population of Tunisia is younger than 30 years of age.</text>
</subparagraph></paragraph><paragraph id="ID7d1899d47040421f823e6955a3bebbe0"><enum>(19)</enum><text>To help foster
and support the fledgling private sector after the fall of the Berlin Wall,
Congress, through enactment of the Support for East European Democracy (SEED)
Act of 1989 (22 U.S.C. 5401 et seq.) and the FREEDOM Support Act (22 U.S.C.
5801 et seq.), authorized nearly $1,200,000,000 for the United States Agency
for International Development (USAID) to establish 10 new investment funds
(collectively known as the <quote>Enterprise Funds</quote>) throughout Central
and Eastern Europe and the former Soviet Union.</text>
</paragraph><paragraph id="id2172696FF1754277A1A2ED7760072200"><enum>(20)</enum><text>The Enterprise
Funds—</text>
<subparagraph id="id554DCDE8D1B8448589D8EFF21570332B"><enum>(A)</enum><text>channeled funding
into more than 500 enterprises in 19 countries;</text>
</subparagraph><subparagraph id="idD29D9EE255E04EFB9DCF802718CAE8AF"><enum>(B)</enum><text>leveraged an
additional $5,000,000,000 in private investment capital from outside the United
States Government;</text>
</subparagraph><subparagraph id="id91E3053C41BC44A58FDB81505288ECB2"><enum>(C)</enum><text>provided
substantial development capital where supply was limited;</text>
</subparagraph><subparagraph id="idFC6BA0E4FA404D78BA2F57A0A6338364"><enum>(D)</enum><text>created or
sustained more than 260,000 jobs through investment and development
activities;</text>
</subparagraph><subparagraph id="idEE98CF1F88DE4616B5FE24B90C8FD7FC"><enum>(E)</enum><text>funded $74,000,000
in technical assistance to strengthen the private sector; and</text>
</subparagraph><subparagraph id="id7E8CEDB77A1F46678F14BD839B585297"><enum>(F)</enum><text>are expected to
recoup 137 percent of the original USAID funding.</text>
</subparagraph></paragraph><paragraph id="ID7c15de17c3d94ecca8367d1c34dde823"><enum>(21)</enum><text>Enterprise Funds
established in partnership with United States partners, such as Poland,
Hungary, Albania, Russia, and other European countries, have proven beneficial
to the economies of such countries.</text>
</paragraph><paragraph id="idA700D13FD8F44A0CB56F4A404D34F6A7"><enum>(22)</enum><text>Creating a
similar fund in close partnership with the people of Tunisia would—</text>
<subparagraph id="id4602ADC2374C42E3AB89AB6DCD1567E0"><enum>(A)</enum><text>help sustain and
expand reform efforts in Tunisia;</text>
</subparagraph><subparagraph id="idA993810F99F34779BA9D09446F41B6EA"><enum>(B)</enum><text>empower Tunisian
entrepreneurs with the resources required to create urgently needed employment
opportunities;</text>
</subparagraph><subparagraph id="ID12d20c675c134a3c9827c2008424bdfe"><enum>(C)</enum><text>help reinforce
financial institutions within the country;</text>
</subparagraph><subparagraph id="IDbbd034498caa4266b1bfa283b8fc570e"><enum>(D)</enum><text>provide debt and
equity investment for commercially viable SMEs; and</text>
</subparagraph><subparagraph id="ID101ba9b917844ca4ac43066a322c0ff7"><enum>(E)</enum><text>make the
investment environment more attractive to domestic and international
investors.</text>
</subparagraph></paragraph></subsection></section><section id="id110877B5A1BA462BBE563E7796440B27"><enum>203.</enum><header>Purposes of
Tunisian-American Enterprise Fund</header><text display-inline="no-display-inline">The purposes of the Tunisian-American
Enterprise Fund are—</text>
<paragraph id="id2E0FB3FA51EA4E06B40944C29E6B329E"><enum>(1)</enum><text>to promote the
private sector in Tunisia, while considering the development impact of
investments and profitability of those investments, particularly in small- and
medium-sized enterprises, and joint ventures with participants from the United
States and Tunisia;</text>
</paragraph><paragraph id="id14735CEE2A1A403BA846803959DBB80B"><enum>(2)</enum><text>to promote
policies and practices conducive to strengthening the private sector in Tunisia
through measures including loans, microloans, equity investments, insurance,
guarantees, grants, feasibility studies, technical assistance, training for
businesses receiving investment capital, and other measures;</text>
</paragraph><paragraph id="idD673714CA2724A7782B741198506D5BF"><enum>(3)</enum><text>to promote good
corporate governance and transparency in Tunisia, foster competition, catalyze
productivity improvements in existing businesses, and strengthen local capital
markets; and</text>
</paragraph><paragraph id="idFBB97285C4544E8984789E570CA52EF1"><enum>(4)</enum><text>to promote
security through job creation in the private sector in Tunisia and to further
the creation of a middle class in Tunisia.</text>
</paragraph></section><section id="idBD05B7E29D574419992F33CCB203BEC8"><enum>204.</enum><header>Tunisian-American
Enterprise Fund</header>
<subsection id="idB10C99A8C10E45B9845D5A714BD32634"><enum>(a)</enum><header>Establishment</header><text>The
President is authorized to establish or designate a private, nonprofit
organization (to be known as the <quote>Tunisian-American Enterprise
Fund</quote>) to receive funds and support made available under this title
after determining that such organization has been established for the purposes
specified in section 203. The President should make such designation only after
consultation with the leadership of each House of Congress.</text>
</subsection><subsection id="id40419A49C01A4757A828D5201517474A"><enum>(b)</enum><header>Board of
directors</header>
<paragraph id="id17822AD63C224CCF9F2BAB469DDC2164"><enum>(1)</enum><header>Appointment</header><text>The
Tunisian-American Enterprise Fund shall be governed by a Board of Directors,
which shall be comprised of 4 private citizens of the United States and 3
private citizens of Tunisia, appointed by the President of the United States in
consultation with the Government of Tunisia.</text>
</paragraph><paragraph id="idAE2711A9BAD04147A0C070330014E308"><enum>(2)</enum><header>Qualifications</header><text>Members
of the Board of Directors shall be selected from among people who have had
successful business careers and demonstrated experience and expertise in
international and particularly emerging markets investment activities, such as
private equity or venture capital investment, banking, finance, strategic
business consulting, or entrepreneurial business creation, and backgrounds in
priority business sectors of the Fund.</text>
</paragraph><paragraph id="id0B613E1DC9544B98B6F00884CB9F8E9E"><enum>(3)</enum><header>Additional USAID
non-voting board member</header><text>The President shall appoint 1 official or
employee of the United States Agency for International Development as an
additional non-voting member of the Board.</text>
</paragraph><paragraph id="id6841D4B446EF412ABAFFD400EFC5920D"><enum>(4)</enum><header>Additional
non-government non-voting board members</header>
<subparagraph id="id1414C4DADF694D80BA5503E321C2FF0B"><enum>(A)</enum><header>Authority to
appoint</header><text>Upon the recommendation of the Board of Directors, the
President may appoint up to 2 additional non-voting members to the Board of
Directors in addition to the members specified in paragraphs (1) and (3), of
which not more than one may be a non-citizen of the United States.</text>
</subparagraph><subparagraph id="idA467A304C8234DF8A3E4DF6D06571948"><enum>(B)</enum><header>NGO
community</header><text>One of the additional nonvoting Board members shall be
from the nongovernmental organization community, with significant prior
experience in development and an understanding of development policy priorities
for Tunisia.</text>
</subparagraph><subparagraph id="id4E77C3524DED449AA30E60DD5353EACF"><enum>(C)</enum><header>Technical
expertise</header><text>One of the additional non-voting Board members shall
have extensive demonstrated industry, sector, or technical experience and
expertise in a priority investment sector for the Fund.</text>
</subparagraph></paragraph></subsection><subsection id="id41596ABB580F4EEA9E284F2B2CBC4600"><enum>(c)</enum><header>Grants</header>
<paragraph id="id3999BBDD9A37455CB4907C16EF3EDE9F"><enum>(1)</enum><header>In
general</header><text>The President may use funds appropriated by any Act, in
this fiscal year or prior fiscal years, making appropriations for the
Department of State, foreign operations, and related programs, including funds
previously obligated, that are otherwise available for such purposes,
notwithstanding any other provision of law—</text>
<subparagraph id="idCF8D52F109E943B5B8C7993FDA3FEEED"><enum>(A)</enum><text>to carry out the
purposes specified in section 203 through the Tunisian-American Enterprise
Fund; and</text>
</subparagraph><subparagraph id="idB27783F7C97940D883E4ADF26D3D7985"><enum>(B)</enum><text>to pay for the
administrative expenses of the Tunisian-American Enterprise Fund, which shall
not exceed 5 percent of the funds made available for the Fund.</text>
</subparagraph></paragraph><paragraph id="id51AD57E475324062A51449C1F1F4F6CA"><enum>(2)</enum><header>Eligible
programs and projects</header><text>Grants awarded under this section may only
be used for programs and projects that support the purposes set forth in
section 203.</text>
</paragraph><paragraph id="id5172524B30B042B8A74EC79A860A20C0"><enum>(3)</enum><header>Compliance
requirements</header>
<subparagraph id="id36F084CA7AE34F92AA67944DCDA69D4F"><enum>(A)</enum><header>In
general</header><text>Grants may not be awarded to the Tunisian-American
Enterprise Fund under this section unless the Fund agrees to comply with the
requirements under this section.</text>
</subparagraph><subparagraph id="id175CCD341F1C4DB3ACF49576DF9C635A"><enum>(B)</enum><header>Grant
agreement</header><text>The grant agreement between the United States Agency
for International Development and the Tunisian-American Enterprise Fund shall
state that the Fund shall liquidate its assets and dissolve not later than
December 31, 2021, unless the Secretary of State, in consultation with the
Administrator of the United States Agency for International Development, and
after consultation with the appropriate congressional committees, determines
that the Fund should be extended.</text>
</subparagraph><subparagraph id="idF81B07CE1565419EB051CA149109135A"><enum>(C)</enum><header>Prevention of
money laundering and terrorist financing</header><text>The grant agreement
between the United States Agency for International Development and the
Tunisian-American Enterprise Fund shall state that the Fund shall comply with
procedures specified by the Secretary of State to ensure that grant funds are
not provided by the Fund to or through any individual, private or government
entity, or educational institution that advocates, plans, sponsors, engages in,
or has engaged in, money laundering or terrorist activity or, with respect to a
private entity or educational institution, that has as a principal officer of
the entity’s governing board or governing board of trustees any individual that
has been determined to be involved in or advocating money laundering or
terrorist activity or determined to be a member of a designated foreign
terrorist organization.</text>
</subparagraph><subparagraph id="idDEAF82541B014EEBBCD9ADD43FBA43BE"><enum>(D)</enum><header>Disposition of
assets</header><text>The assets of the Tunisian-American Enterprise Fund at the
time the Fund is dissolved shall be returned to the General Fund of the United
States Treasury and used to reduce the debt of the United States.</text>
</subparagraph></paragraph></subsection><subsection id="id8C047F80F8B24C5AB097296DB669EAF8"><enum>(d)</enum><header>Notification</header>
<paragraph id="id5FF91CAF8B804FDCB9CEE16D8D7D2DEC"><enum>(1)</enum><header>In
general</header><text>Not later than 15 days before designating an organization
to operate as the Tunisian-American Enterprise Fund pursuant to subsection (a),
the President shall provide the information described in paragraph (2) to the
Chairman and Ranking Member of the appropriate congressional committees.</text>
</paragraph><paragraph id="idFC66187A715943FD97BA18BF983667C1"><enum>(2)</enum><header>Information</header><text>The
information described in this paragraph is—</text>
<subparagraph id="idDA65ECD4947C4313B0BE517DBAB647E4"><enum>(A)</enum><text>the identity of
the organization to be designated to operate as the Tunisian-American
Enterprise Fund pursuant to subsection (a);</text>
</subparagraph><subparagraph id="id12F8C637CF75454BADC41446377375C5"><enum>(B)</enum><text>the names and
qualifications of the individuals who will comprise the initial Board of
Directors; and</text>
</subparagraph><subparagraph id="id5E4E742A748D44A0B4E3EAB9B2748EE6"><enum>(C)</enum><text>the procedures
referred to in subsection (c)(3)(C) that will apply to the Tunisian-American
Enterprise Fund for purposes of curtailing money-laundering and terrorist
financing activities.</text>
</subparagraph></paragraph></subsection><subsection commented="no" id="idE128453C14E649A5B81A16EE6DCC68FB"><enum>(e)</enum><header>Public
disclosure</header><text>Not later than 1 year after the entry into force of
the initial grant agreement under this section, and annually thereafter, the
Fund shall prepare and make available to the public on an Internet Web site
administered by the Fund a report on the Fund’s activities during the previous
year, including—</text>
<paragraph commented="no" id="id35B70CE580D842E28853C5DE5D9AFD53"><enum>(1)</enum><text>a description of
each investment or project supported by the Fund, including each type of
assistance provided in accordance with section 203(2);</text>
</paragraph><paragraph commented="no" id="idDDB6297E6B40418CA6FE0A072F39320B"><enum>(2)</enum><text>the amounts
invested by the Fund in each company or project;</text>
</paragraph><paragraph commented="no" id="id6ACC644D6CF04DDB950E5D4DC46CDC56"><enum>(3)</enum><text>the amounts of
additional private investments made in each company or project; and</text>
</paragraph><paragraph commented="no" id="id075BB16AB92D4CA3AA27A7053CD19D53"><enum>(4)</enum><text>the amounts of any
profits or losses realized by the Fund in connection with each such company or
project.</text>
</paragraph></subsection></section><section id="id0CC3BF3E222C4E47B0EA2F3CAC3F8803"><enum>205.</enum><header>Reports</header>
<subsection id="idAB60B5F83A6E4B04987BA20E0008E663"><enum>(a)</enum><header>Administrative
expenses</header><text display-inline="yes-display-inline">Not later than 1
year after the date of the enactment of this Act, and annually thereafter until
the Fund is dissolved, the Fund shall submit to the appropriate congressional
committees a report detailing the administrative expenses of the Fund.</text>
</subsection><subsection id="idCF1F22B8568044608B59A2839E9C9ED2"><enum>(b)</enum><header>GAO
report</header><text>Not later than 3 years after the date of the enactment of
this Act, and every 3 years thereafter until the Fund is dissolved, the
Comptroller General of the United States shall submit to the appropriate
congressional committees a report assessing the activities of the Fund in
achieving the stated goals of promoting private sector investment and
employment in Tunisia and identifying those institutional or regulatory
constraints that inhibit a more effective application of Fund resources.</text>
</subsection></section><section id="idA32AA199B5D045FAACB3048A1F751DCD"><enum>206.</enum><header>Operation
provisions</header>
<subsection id="idEA31D09270F94BC69B3002B6691FA928"><enum>(a)</enum><header>Applicable
provisions</header><text>Subsections (d)(5), (g), (h), (i), (k), (l), (m), (n),
(o), and (p) of section 201 of the Support for East European Democracy (SEED)
Act of 1989 (22 U.S.C. 5421) shall apply with respect to the Tunisian-American
Enterprise Fund in the same manner as such provisions apply to Enterprise Funds
designated pursuant to subsection (d) of such section.</text>
</subsection><subsection id="id38C17E4B6FF04482BB7EF770EB7E1A5F"><enum>(b)</enum><header>Reinvestment</header><text>Returns
on investments of the Tunisian-American Enterprise Fund and other payments to
the Fund may be reinvested in projects carried out by the Fund without further
appropriation by Congress.</text>
</subsection></section><section id="id6AC4BE8ACCAD4D7A89AFD728CB38E4B9"><enum>207.</enum><header>Best practices
and procedures</header><text display-inline="no-display-inline">To the maximum
extent practicable, the Board of Directors of the Tunisian-American Enterprise
Fund should adopt the best practices and procedures used by Enterprise Funds,
including those for which funding has been made available pursuant to section
201 of the Support for East European Democracy (SEED) Act of 1989 (22 U.S.C.
5421).</text>
</section><section commented="no" display-inline="no-display-inline" id="id343B637D657C4EB2AFA39E7B46286682" section-type="subsequent-section"><enum>208.</enum><header>Experience of other
enterprise funds</header><text display-inline="no-display-inline">In
implementing this title, the President shall ensure that the Articles of
Incorporation of the Tunisian-American Enterprise Fund (including provisions
specifying the responsibilities of the Board of Directors of the Fund), the
terms of United States Government grant agreements with the Fund, and United
States Government oversight of the Fund are, to the maximum extent practicable,
consistent with the Articles of Incorporation of, the terms of grant agreements
with, and the oversight of the Enterprise Funds established pursuant to section
201 of the Support for East European Democracy (SEED) Act of 1989 (22 U.S.C.
5421) and comparable provisions of law.</text>
</section>
1.Appropriate congressional
committees definedIn this
Act, the term appropriate congressional committees means—
(1)the Committee on Foreign
Relations of the Senate;
(2)the Committee on
Appropriations of the Senate;
(3)the Committee on Foreign
Affairs of the House of Representatives; and
(4)the Committee on
Appropriations of the House of Representatives.
<enum>I</enum><header>Egypt-American Enterprise
Fund</header>
<section id="id5c8faf59-1d13-4954-9d70-9a0c91d2c4d4" section-type="subsequent-section"><enum>101.</enum><header>Short
title</header><text display-inline="no-display-inline">This title may be cited
as the <quote><short-title>Egyptian-American Enterprise
Fund Act</short-title></quote>.</text>
</section><section id="id79bd3618-c73d-496f-91e5-f4a4f07ffbee"><enum>102.</enum><header>Purpose and
findings</header>
<subsection id="id157dd5d5-a501-4b5b-a9dc-b0f5adceca35"><enum>(a)</enum><header>Purpose</header><text>The
purpose of this title is to support a transition to democracy in Egypt that is
successful, lasting, and reflective of the aspirations of the Egyptian people
for greater economic opportunity and political freedom through the creation of
an Egyptian-American Enterprise Fund that will support economic prosperity
through financial investment and technical assistance to small- and
medium-sized enterprises.</text>
</subsection><subsection id="id9929a4da-51ea-4921-8ee6-ef6f4aadbe61"><enum>(b)</enum><header>Findings</header><text display-inline="yes-display-inline">Congress makes the following
findings:</text>
<paragraph id="id54449561-9ae9-4f31-bcac-080a62e75d89"><enum>(1)</enum><text>The United States and
Egypt have a strong, long-standing bilateral relationship.</text>
</paragraph><paragraph id="id8534652f-feed-4787-ac6d-54a49c2a0a1c"><enum>(2)</enum><text>Egypt—</text>
<subparagraph id="id1df6fdfd-ab1d-42d4-afe2-235565a1ef1a"><enum>(A)</enum><text>plays an important role
in—</text>
<clause id="idab63caa5-f6c4-4c7d-bd09-59689371ed45"><enum>(i)</enum><text>global and regional
politics; and</text>
</clause><clause id="idf818a05a-4ff9-4bac-80e7-e3baedaee4a2"><enum>(ii)</enum><text>the broader Middle East
and North Africa; and</text>
</clause></subparagraph><subparagraph id="ida47a3022-d0b4-4e35-a6ea-37b70bfd304b"><enum>(B)</enum><text>has been an intellectual,
economic, and cultural center of the Arab world for many years.</text>
</subparagraph></paragraph><paragraph id="ida88c8ec9-0cd2-46e9-bf42-4f24a72e663b"><enum>(3)</enum><text>On January 25, 2011,
demonstrations began throughout Egypt in which thousands of protesters
peacefully called for—</text>
<subparagraph id="id34abed2d-c63b-47af-8f04-ec35c61248a1"><enum>(A)</enum><text>a new government;</text>
</subparagraph><subparagraph id="id8ff542bf-0a6b-406b-b513-f01dc40d2c5f"><enum>(B)</enum><text>free and fair
elections;</text>
</subparagraph><subparagraph id="id1aea0c06-d74a-4542-bee2-7381278ee8e1"><enum>(C)</enum><text>significant
constitutional and political reforms;</text>
</subparagraph><subparagraph id="idce4401a9-c7f2-4575-ad8a-c953ec3890db"><enum>(D)</enum><text>greater economic
opportunity; and</text>
</subparagraph><subparagraph id="id38c96677-9cbd-4aeb-9aad-379e24250d0a"><enum>(E)</enum><text>an end to government
corruption.</text>
</subparagraph></paragraph><paragraph id="id0d54eb5c-2462-47f9-a186-d42eed56f1bd"><enum>(4)</enum><text>The demonstrators'
perseverance in the face of violence and intimidation—</text>
<subparagraph id="iddc484b52-aec1-48ee-894b-7bb06c7f45eb"><enum>(A)</enum><text>culminated in the
February 11, 2011 resignation of President Hosni Mubarak; and</text>
</subparagraph><subparagraph id="idcf4072d9-0fe6-40ca-a95c-29fda0f8c7a9"><enum>(B)</enum><text>inspired democracy
activists throughout the region and around the world.</text>
</subparagraph></paragraph><paragraph id="idb0ac30fe-b793-4a2d-a3a5-7a84e35be53a"><enum>(5)</enum><text>The United States has a
strong interest in—</text>
<subparagraph id="id29004506-dc19-46e6-aee2-71143811ae6e"><enum>(A)</enum><text>an orderly and peaceful
transition to democracy in Egypt; and</text>
</subparagraph><subparagraph id="id42886e61-dfec-4d3b-9d15-1042f6d1bca0"><enum>(B)</enum><text>assisting the people of
Egypt to form a representative and democratic political and economic system
that respects universal values.</text>
</subparagraph></paragraph><paragraph id="idc62d5597-873a-4a55-8ba3-04a1a7369e31"><enum>(6)</enum><text>Egypt—</text>
<subparagraph id="id190cb74f-ba6e-42ca-9186-22a1504c025c"><enum>(A)</enum><text>has a well-developed
civil society and governing institutions; and</text>
</subparagraph><subparagraph id="id911bd96f-697e-46e1-9780-80901c71c862"><enum>(B)</enum><text>was well-served
by—</text>
<clause id="idcf231cd8-9c83-49da-9681-11120bb0b855"><enum>(i)</enum><text>the extraordinary
determination shown by the people of Egypt in forcing President Mubarak to
abdicate; and</text>
</clause><clause id="idd4f51bfa-436b-4016-b3b9-a5a335f2066b"><enum>(ii)</enum><text>the restraint
demonstrated by the Egyptian military.</text>
</clause></subparagraph></paragraph><paragraph id="id2bbe130f-c691-454b-b694-6ebba711ea9d"><enum>(7)</enum><text>In 2010—</text>
<subparagraph id="id5a06ccd8-1242-451f-9efb-c5dfec56b463"><enum>(A)</enum><text>the inflation rate in
Egypt was approximately 11 percent; and</text>
</subparagraph><subparagraph id="id987914d0-4037-403a-8b8e-25822d05b554"><enum>(B)</enum><text>Egypt's foreign debt was
equal to 16 percent of its $216,000,000,000 gross domestic product
(GDP).</text>
</subparagraph></paragraph><paragraph id="id05ed1981-d7c4-461f-b72d-3b6e96cce106"><enum>(8)</enum><text>As a result of the
dramatic events in Egypt in February 2011—</text>
<subparagraph id="id7ca789d3-c61e-4813-b6d5-f444d9381a71"><enum>(A)</enum><text>Egypt's economy was
brought to a near standstill and continues to experience lingering
effects;</text>
</subparagraph><subparagraph id="idd3099a62-8a29-4c28-9042-75b0dddf2473"><enum>(B)</enum><text>widespread strikes slowed
down Egypt's manufacturing output and banks closed down for intermittent
periods; and</text>
</subparagraph><subparagraph id="id81cd22dc-dc27-4ada-9601-e465371bd481"><enum>(C)</enum><text>the value of the Egyptian
stock market fell by 16 percent in the 2 days before it was closed on January
30, 2011.</text>
</subparagraph></paragraph><paragraph id="id648524a9-23a0-42bf-81d5-e0e3a09fa6ec"><enum>(9)</enum><text>According to analyst
estimates, as a result of recent events in Egypt—</text>
<subparagraph id="id504dd871-2e7b-47a8-baa7-b32a4880dfa9"><enum>(A)</enum><text>forecasted growth for
Egypt’s GDP has dropped from 6 percent to between 3.1 and 3.5 percent;</text>
</subparagraph><subparagraph commented="no" id="idecfff7e3-52f4-4fff-aa8a-d870f9341f89"><enum>(B)</enum><text>the amount of workers'
remittances coming into Egypt will likely decline;</text>
</subparagraph><subparagraph commented="no" id="idb4d36139-c0e9-43c7-b102-62be11467ff0"><enum>(C)</enum><text>the amount of regional
securities purchased by foreign investors will likely decrease, which will
require fiscal deficits to be financed by domestic banks and reduce the
availability of credit for private sector borrowers;</text>
</subparagraph><subparagraph commented="no" id="ide8b05981-c1bb-4af0-986e-b314a3d6acfb"><enum>(D)</enum><text>heightened political
uncertainty will likely lead to a downturn in tourism, which accounts for 8.2
percent of Egypt’s GDP and 7 percent of Egypt's direct employment; and</text>
</subparagraph><subparagraph commented="no" id="id427bcc63-ac15-442b-901e-0e9d20515593"><enum>(E)</enum><text>foreign direct investment
(FDI) in Egypt is predicted to decrease.</text>
</subparagraph></paragraph><paragraph id="idbb7b573a-6d99-4c53-8dab-22fb80b618f2"><enum>(10)</enum><text>The most recent official
estimates of the unemployment rate in Egypt is 9.2 percent. Unofficial
estimates of the current unemployment rate in Egypt range between 15 and 20
percent. The unemployment rate for Egyptian youth is estimated at 24.8 percent.
Egyptian women, who are more affected by spikes in unemployment, face an
unemployment rate of nearly 25 percent compared to the 6.7 percent unemployment
rate for Egyptian men.</text>
</paragraph><paragraph id="id5325a9c5-8379-48fd-becb-00a6f5b8f94d"><enum>(11)</enum><text>An estimated 61 percent
of the population of Egypt is younger than 30 years of age.</text>
</paragraph><paragraph id="id2038d316-3a04-42ab-8a0b-d890abbd21a9"><enum>(12)</enum><text>Private sector
employment in Egypt increased from 11,000,000 to 15,100,000 between 1999 and
2007.</text>
</paragraph><paragraph id="ide76a4438-94bc-4c31-8a43-fccfe02a14f9"><enum>(13)</enum><text>According to the
International Finance Corporation’s 2009 <quote>SME Banking Knowledge
Guide</quote>—</text>
<subparagraph id="id4c414e7a-9a4a-4f4b-accd-143abe8864b3"><enum>(A)</enum><text>the small and medium
enterprise (SME) market in Egypt was estimated at 160,000;</text>
</subparagraph><subparagraph id="id0026da1b-3fcc-4b7e-b13b-4dad8f621d4c"><enum>(B)</enum><text>of these firms, about 98
percent employed fewer than 50 people;</text>
</subparagraph><subparagraph id="idc4c01bdb-13d1-4828-9d16-c04592e9ced6"><enum>(C)</enum><text>Egypt had an estimated
2,400,000 microenterprises; and</text>
</subparagraph><subparagraph id="id809bb916-e988-4f16-beca-c8a2d111662e"><enum>(D)</enum><text>68 percent of the SMEs in
Egypt have bank accounts, but only 12 percent of those with bank accounts had
taken out loans.</text>
</subparagraph></paragraph><paragraph id="iddacd26b4-3550-4cd6-9dd2-35d719d09475"><enum>(14)</enum><text>A challenge for SMEs is
that they are not always considered a significant customer base for banks and
services don’t meet the unique needs of this market segment.</text>
</paragraph><paragraph id="id4a71a1dd-7a57-4a42-8e36-74707434362e"><enum>(15)</enum><text>According to the
Government of Egypt's Small and Medium Enterprise Development Unit, SMEs
constitute nearly 75 percent of private sector employment.</text>
</paragraph><paragraph id="id2ab3024e-1fb7-4070-bd55-f764f0d96575"><enum>(16)</enum><text>According to the World
Bank report entitled <quote>Access to Finance and Economic Growth in
Egypt</quote>—</text>
<subparagraph id="id4ccbd6e7-8230-44f5-9f19-cfdc050ea269"><enum>(A)</enum><text>even before the recent
political events in Egypt, private-sector credit to GDP in Egypt was modest
compared to other developing economies;</text>
</subparagraph><subparagraph id="id15ab540c-818e-4f66-853b-ddffb00edba1"><enum>(B)</enum><text>private credit as a share
of total credit has been declining;</text>
</subparagraph><subparagraph id="id2cb04816-cf3b-4fac-a7b4-5ccd6e0fdabd"><enum>(C)</enum><text>the distribution of bank
financing is uneven, with most loans going to large and well-established
enterprises; and</text>
</subparagraph><subparagraph id="idb07f64a2-0078-4082-8dd2-c4c6e5a68b0e"><enum>(D)</enum><text>as a consequence,
family-owned firms and SMEs, which represent the majority of firms in Egypt,
rely heavily on the informal market.</text>
</subparagraph></paragraph><paragraph id="id04f337d8-1a60-4f18-b4e2-7739f8fbf069"><enum>(17)</enum><text>To help foster and
support the fledgling private sector after the fall of the Berlin Wall,
Congress, through enactment of the Support for East European Democracy (SEED)
Act of 1989 (22 U.S.C. 5401 et seq.) and the FREEDOM Support Act (22 U.S.C.
5801 et seq.), authorized nearly $1,200,000,000 for the United States Agency
for International Development (USAID) to establish 10 new investment funds
(collectively known as the <quote>Enterprise Funds</quote>) throughout Central
and Eastern Europe and the former Soviet Union.</text>
</paragraph><paragraph id="id1089e8df-5da0-49e7-9a61-fcc31b258c61"><enum>(18)</enum><text>The Enterprise
Funds—</text>
<subparagraph id="ide94e85d3-1ba8-4f65-a7ad-3295bf8b7f41"><enum>(A)</enum><text>channeled funding into
more than 500 enterprises in 19 countries;</text>
</subparagraph><subparagraph id="idb03082f8-c956-4615-a47c-71268c7721cf"><enum>(B)</enum><text>leveraged an additional
$5,000,000,000 in private investment capital from outside the United States
Government;</text>
</subparagraph><subparagraph id="id3ab1221d-97ca-4bcf-ba30-e8733ee77c59"><enum>(C)</enum><text>provided substantial
development capital where supply was limited;</text>
</subparagraph><subparagraph id="id006d052e-2773-4771-be96-be361ce489ea"><enum>(D)</enum><text>created or sustained more
than 260,000 jobs through investment and development activities;</text>
</subparagraph><subparagraph id="id543f589d-52c8-4d99-bbb0-d9b54cd425e1"><enum>(E)</enum><text>funded $74,000,000 in
technical assistance to strengthen the private sector; and</text>
</subparagraph><subparagraph id="id92eaee4a-9bd1-4e56-8461-41fa455ad478"><enum>(F)</enum><text>are expected to recoup
137 percent of the original USAID funding.</text>
</subparagraph></paragraph><paragraph id="id855f3e49-8223-4f7a-8d61-2154d4c8121b"><enum>(19)</enum><text>Enterprise funds
established in partnership with United States partners, such as Poland,
Hungary, Albania, Russia, and other European countries, have proven beneficial
to the economies of such countries.</text>
</paragraph><paragraph id="iddc955387-7ca0-410e-88d8-2ae15fdc702a"><enum>(20)</enum><text>Creating a similar fund
in close partnership with the people of Egypt would help sustain and expand
reform efforts in Egypt and empower Egyptian entrepreneurs with the resources
required to create urgently needed employment opportunities.</text>
</paragraph><paragraph id="ida7938119-118f-4dbe-8258-dee42313094e"><enum>(21)</enum><text>Establishing an
enterprise fund for Egypt would—</text>
<subparagraph id="idf8e8be7c-f2a8-4899-995b-9de9e81ff900"><enum>(A)</enum><text>help reinforce financial
institutions within the country;</text>
</subparagraph><subparagraph id="id14ff3fc1-5216-44d4-b110-0cbe84754a42"><enum>(B)</enum><text>provide debt and equity
investment for commercially viable SMEs; and</text>
</subparagraph><subparagraph id="idc582e195-319c-4827-9914-8559bfb124fd"><enum>(C)</enum><text>make the investment
environment more attractive to domestic and international investors.</text>
</subparagraph></paragraph></subsection></section><section id="idfb79265c-9ca9-46ae-8ba7-03f50f4d1d9a"><enum>103.</enum><header>Purposes of
Egyptian-American Enterprise Fund</header><text display-inline="no-display-inline">The purposes of the Egyptian-American
Enterprise Fund are—</text>
<paragraph id="id153e7544-dc11-4bee-be65-84945e78aeec"><enum>(1)</enum><text>to promote the private
sector in Egypt, while considering the development impact of investments and
profitability of those investments, particularly in small- and medium-sized
enterprises, and joint ventures with participants from the United States and
Egypt;</text>
</paragraph><paragraph id="idc3ce6ebe-3b6c-46fc-b3c7-6e76ad659952"><enum>(2)</enum><text>to promote policies and
practices conducive to strengthening the private sector in Egypt through
measures including loans, microloans, equity investments, insurance,
guarantees, grants, feasibility studies, technical assistance, training for
businesses receiving investment capital, and other measures;</text>
</paragraph><paragraph id="ide8f8a2ea-c31c-4587-b84b-8ee5c91381ba"><enum>(3)</enum><text>to promote good corporate
governance and transparency in Egypt, foster competition, catalyze productivity
improvements in existing businesses, and strengthen local capital markets;
and</text>
</paragraph><paragraph id="ida71a395b-3f6f-407d-82a5-1e970200003a"><enum>(4)</enum><text>to promote security
through job creation in the private sector in Egypt and to further the creation
of a middle class in Egypt.</text>
</paragraph></section><section id="id3214ce56-8f3b-47de-9e43-a3e6b6f8feef"><enum>104.</enum><header>Egyptian-American
Enterprise Fund</header>
<subsection id="idd8c3da2c-9911-4281-aca4-f2e6c0064e7b"><enum>(a)</enum><header>Establishment</header><text>The
President is authorized to establish or designate a private, nonprofit
organization (to be known as the <quote>Egyptian-American Enterprise
Fund</quote>) to receive funds and support made available under this title
after determining that such organization has been established for the purposes
specified in section 103. The President should make such designation only after
consultation with the leadership of each House of Congress.</text>
</subsection><subsection id="idce9d9b54-1033-4481-8273-1faf393f756c"><enum>(b)</enum><header>Board of
directors</header>
<paragraph id="id5b50fb44-d938-445b-a39e-f1cc90af3a44"><enum>(1)</enum><header>Appointment</header><text>The
Egyptian-American Enterprise Fund shall be governed by a Board of Directors,
which shall be comprised of 6 private citizens of the United States and 3
private citizens of Egypt, appointed by the President of the United States in
consultation with the Government of Egypt.</text>
</paragraph><paragraph id="idad39b5ca-c92e-46ec-ab3a-f67d5baa6214"><enum>(2)</enum><header>Qualifications</header><text>Members
of the Board of Directors shall be selected from among people who have had
successful business careers and demonstrated experience and expertise in
international and particularly emerging markets investment activities, such as
private equity or venture capital investment, banking, finance, strategic
business consulting, or entrepreneurial business creation, and backgrounds in
priority business sectors of the Fund.</text>
</paragraph><paragraph id="id21fd0dc7-c280-4097-994f-58d4f3a909de"><enum>(3)</enum><header>United states
government liaison to the board</header><text>The President shall appoint the
United States Ambassador to Egypt, or the Ambassador's designee, as a liaison
to the Board.</text>
</paragraph><paragraph id="id9e10d2fb-2506-41d3-ada0-32532157c043"><enum>(4)</enum><header>Non-government liaisons
to the board</header>
<subparagraph id="idc7bb0fac-f60d-44d6-9c4b-afa6cb6c162d"><enum>(A)</enum><header>Authority to
appoint</header><text>Upon the recommendation of the Board of Directors, the
President may appoint up to 2 additional liaisons to the Board of Directors in
addition to the members specified in paragraphs (1) and (3), of which not more
than 1 may be a non-citizen of the United States.</text>
</subparagraph><subparagraph id="id551122c4-bfc7-4f38-abf3-8727aac2f379"><enum>(B)</enum><header>NGO
community</header><text>One of the additional liaisons to the Board should be
from the nongovernmental organization community, with significant prior
experience in development and an understanding of development policy priorities
for Egypt.</text>
</subparagraph><subparagraph id="id1a196e72-fde3-408c-80c9-f137c24c897b"><enum>(C)</enum><header>Technical
expertise</header><text>One of the additional liaisons to the Board should have
extensive demonstrated industry, sector, or technical experience and expertise
in a priority investment sector for the Fund.</text>
</subparagraph></paragraph></subsection><subsection id="id66bac502-9167-4765-b2ff-341b3cf4cbdb"><enum>(c)</enum><header>Grants</header>
<paragraph id="id84ecfeba-c5bc-4dd0-b7f3-b817f7164ca2"><enum>(1)</enum><header>In
general</header><text>The President may use funds appropriated by any Act, in
this fiscal year or prior fiscal years, making appropriations for the
Department of State, foreign operations, and related programs, including funds
previously obligated, that are otherwise available for such purposes,
notwithstanding any other provision of law—</text>
<subparagraph id="id9095a2f6-db0e-4d48-abb2-f7e18a82801a"><enum>(A)</enum><text>to carry out the purposes
set forth in section 103 through the Egyptian-American Enterprise Fund;
and</text>
</subparagraph><subparagraph id="id750cbdfb-9016-45c7-a5be-3d6a1564b460"><enum>(B)</enum><text>to pay for the
administrative expenses of the Egyptian-American Enterprise Fund, which should
not exceed 5 percent of the amounts made available for the Fund.</text>
</subparagraph></paragraph><paragraph id="id3015960b-2a3d-468e-8af1-9ebcd77753cc"><enum>(2)</enum><header>Eligible programs and
projects</header><text>Grants awarded under this section may only be used for
programs and projects that support the purposes set forth in section
103.</text>
</paragraph><paragraph id="id5eb95144-a12f-49b1-ab77-7ae9b09b48a2"><enum>(3)</enum><header>Compliance
requirements</header>
<subparagraph id="id92869b09-3dd2-4318-8e21-4641ac8b1b69"><enum>(A)</enum><header>In
general</header><text>Grants may not be awarded to the Egyptian-American
Enterprise Fund under this section unless the Fund agrees to comply with the
requirements under this section.</text>
</subparagraph><subparagraph id="idab4c99bf-c7ba-4757-a0d8-d245e428b7a3"><enum>(B)</enum><header>Grant
agreement</header><text>The grant agreement between the United States Agency
for International Development and the Egyptian-American Enterprise Fund shall
state that the Fund shall end its reinvestment cycle not later than December
31, 2021, unless the Secretary of State, in consultation with the Administrator
of the United States Agency for International Development, and after
consultation with the appropriate congressional committees, determines that the
Fund should be extended.</text>
</subparagraph><subparagraph id="id968cc35f-e999-4cf8-98fd-68b9f41fe090"><enum>(C)</enum><header>Prevention of money
laundering and terrorist financing</header><text>The grant agreement between
the United States Agency for International Development and the
Egyptian-American Enterprise Fund shall state that the Fund shall comply with
procedures specified by the Secretary of State to ensure that grant funds are
not provided by the Fund to or through any individual, private or government
entity, or educational institution that advocates, plans, sponsors, engages in,
or has engaged in, money laundering or terrorist activity or, with respect to a
private entity or educational institution, that has as a principal officer of
the entity’s governing board or governing board of trustees any individual that
has been determined to be involved in or advocating money laundering or
terrorist activity or determined to be a member of a designated foreign
terrorist organization.</text>
</subparagraph><subparagraph id="idf0cf30b0-b195-42a3-b803-474f19e485a8"><enum>(D)</enum><header>Disposition of
assets</header><text>The assets of the Egyptian-American Enterprise Fund at the
time the Fund is dissolved shall be returned to the General Fund of the United
States Treasury and used to reduce the debt of the United States.</text>
</subparagraph></paragraph></subsection><subsection id="iddecd7cd0-5b62-46ec-b64d-f24859e5b6f3"><enum>(d)</enum><header>Notification</header>
<paragraph id="id6bb29472-4c05-47fe-91bf-8ffe051af442"><enum>(1)</enum><header>In
general</header><text>Not later than 15 days before designating an organization
to operate as the Egyptian-American Enterprise Fund pursuant to subsection (a),
the President shall provide the information described in paragraph (2) to the
Chairman and Ranking Member of the appropriate congressional committees.</text>
</paragraph><paragraph id="id45619a34-c5d8-4c33-b81c-d4947ecbba49"><enum>(2)</enum><header>Information</header><text>The
information described in this paragraph is—</text>
<subparagraph id="idde414ab6-25f1-4f3b-b680-f89ba6359a10"><enum>(A)</enum><text>the identity of the
organization to be designated to operate as the Egyptian-American Enterprise
Fund pursuant to subsection (a);</text>
</subparagraph><subparagraph id="id768a059c-eb08-4081-9c9a-a7cface7180b"><enum>(B)</enum><text>the names and
qualifications of the individuals who will comprise the initial Board of
Directors;</text>
</subparagraph><subparagraph id="idb8f523cf-a6ad-4143-a6e9-59ae7d20e9b1"><enum>(C)</enum><text>the procedures referred
to in subsection (c)(3)(C) that will apply to the Egyptian-American Enterprise
Fund for purposes of curtailing money-laundering and terrorist financing
activities; and</text>
</subparagraph><subparagraph id="id4D168766D2234EB7A16A4CFA2014D534"><enum>(D)</enum><text>the amount of the grant
intended to fund the Egyptian-American Enterprise Fund.</text>
</subparagraph></paragraph></subsection><subsection commented="no" id="idde81ee2c-d00d-4f13-9021-a6eede43f9c8"><enum>(e)</enum><header>Public
disclosure</header><text>Not later than 1 year after the entry into force of
the initial grant agreement under this section, and annually thereafter, the
Fund shall prepare and make available to the public on an Internet Web site
administered by the Fund a report on the Fund’s activities during the previous
year, including—</text>
<paragraph commented="no" id="id8cd0cc1d-722e-40b2-9732-8cfb63ca394b"><enum>(1)</enum><text>a description of each
investment or project supported by the Fund, including each type of assistance
provided in accordance with section 103(2);</text>
</paragraph><paragraph commented="no" id="id196779b9-a1e6-43e6-b717-e5924499a48b"><enum>(2)</enum><text>the amounts invested by
the Fund in each company or project;</text>
</paragraph><paragraph commented="no" id="id3795cdf5-769c-4955-87b0-0f78c18ae614"><enum>(3)</enum><text>the amounts of additional
private investments made in each company or project; and</text>
</paragraph><paragraph commented="no" id="idb6fcf49e-2164-442a-bead-79cfb14685f6"><enum>(4)</enum><text>the amounts of any
profits or losses realized by the Fund in connection with each such company or
project.</text>
</paragraph></subsection></section><section id="id55b8a1d1-97d0-452e-866e-8dee5820e88c"><enum>105.</enum><header>Reports</header>
<subsection id="id92b3de0a-a5f5-4968-be3c-7d1445c50b77"><enum>(a)</enum><header>Administrative
expenses</header><text display-inline="yes-display-inline">Not later than 1
year after the date of the enactment of this Act, and annually thereafter until
the Fund is dissolved, the Fund shall submit to the appropriate congressional
committees a report detailing the administrative expenses of the Fund.</text>
</subsection><subsection id="idfc576051-57e2-4f10-a0ac-51ef19db91b7"><enum>(b)</enum><header>GAO
report</header><text>Not later than 3 years after the date of the enactment of
this Act, and every 3 years thereafter until the Fund is dissolved, the
Comptroller General of the United States shall submit to the appropriate
congressional committees a report assessing the activities of the Fund in
achieving the stated goals of promoting private sector investment and
employment in Egypt and identifying those institutional or regulatory
constraints that inhibit a more effective application of Fund resources.</text>
</subsection></section><section id="id8292f1f6-78fe-4ecd-a4cc-8971ab6cdbf7"><enum>106.</enum><header>Operation
provisions</header>
<subsection id="id9fc991a2-c096-4187-ab5d-8c14e04e706d"><enum>(a)</enum><header>Applicable
provisions</header><text>Subsections (d)(5), (g), (h), (i), (k), (l), (m), (n),
(o), and (p) of section 201 of the Support for East European Democracy (SEED)
Act of 1989 (22 U.S.C. 5421) shall apply with respect to the Egyptian-American
Enterprise Fund in the same manner as such provisions apply to Enterprise Funds
designated pursuant to subsection (d) of such section.</text>
</subsection><subsection id="id20c9853c-3f62-49a5-a24b-796c745a8167"><enum>(b)</enum><header>Reinvestment</header><text>Returns
on investments of the Egyptian-American Enterprise Fund and other payments to
the Fund may be reinvested in projects carried out by the Fund without further
appropriation by Congress.</text>
</subsection></section><section id="idb7d49aec-477c-44eb-a9af-f2b10948d005"><enum>107.</enum><header>Best practices and
procedures</header><text display-inline="no-display-inline">To the maximum
extent practicable, the Board of Directors of the Egyptian-American Enterprise
Fund should adopt the best practices and procedures used by Enterprise Funds,
including those for which funding has been made available pursuant to section
201 of the Support for East European Democracy (SEED) Act of 1989 (22 U.S.C.
5421).</text>
</section><section id="id0bb6b102-3e64-4479-a2a7-5afa3c3cca12"><enum>108.</enum><header>Experience of other
enterprise funds</header><text display-inline="no-display-inline">In
implementing this title, the President shall ensure that the Articles of
Incorporation of the Egyptian-American Enterprise Fund (including provisions
specifying the responsibilities of the Board of Directors of the Fund), the
terms of United States Government grant agreements with the Fund, and United
States Government oversight of the Fund are, to the maximum extent practicable,
consistent with the Articles of Incorporation of, the terms of grant agreements
with, and the oversight of the Enterprise Funds established pursuant to section
201 of the Support for East European Democracy (SEED) Act of 1989 (22 U.S.C.
5421) and comparable provisions of law.</text>
</section><enum>II</enum><header>Tunisian-American
Enterprise Fund</header>
<section id="id8e18c188-d769-4377-b38c-c37275c89753" section-type="subsequent-section"><enum>201.</enum><header>Short
title</header><text display-inline="no-display-inline">This title may be cited
as the <quote><short-title>Tunisian-American Enterprise
Fund Act</short-title></quote>.</text>
</section><section id="idb347d643-72b6-4c7c-8b22-e771cb6cbf67"><enum>202.</enum><header>Purpose and
findings</header>
<subsection id="id5c3a83d7-0ec5-482e-813d-e8f328134c31"><enum>(a)</enum><header>Purpose</header><text>The
purpose of this title is to support a transition to democracy in Tunisia that
is successful, lasting, and reflective of the aspirations of the Tunisian
people for greater economic opportunity and political freedom through the
creation of a Tunisian-American Enterprise Fund that will support economic
prosperity through financial investment and technical assistance to small- and
medium-sized enterprises.</text>
</subsection><subsection id="ida8a6adfb-f8b7-4c29-8166-1a8e7662a5ed"><enum>(b)</enum><header>Findings</header><text display-inline="yes-display-inline">Congress makes the following
findings:</text>
<paragraph id="id03e5eb97-69c2-4582-8fc2-6a8027aeeb8e"><enum>(1)</enum><text>The United States and
Tunisia have a strong, long-standing bilateral relationship.</text>
</paragraph><paragraph id="id0f9121a1-ac71-4f68-9e2b-d547bcc3fa0d"><enum>(2)</enum><text>Tunisia—</text>
<subparagraph id="idb2b80fba-d5a3-4d1d-b68f-a65d5b8fc1dc"><enum>(A)</enum><text>plays an important
strategic role in promoting peace and security in North Africa, the broader
Middle East, and elsewhere; and</text>
</subparagraph><subparagraph id="id12864a92-911c-41af-ade5-09d088d2be6a"><enum>(B)</enum><text>has been, and continues
to be, a regional center for foreign investment and tourism.</text>
</subparagraph></paragraph><paragraph id="idfc6164af-7340-45d5-9b91-7ee23dcd9570"><enum>(3)</enum><text>On December 18, 2010,
after the self-immolation of a young street vendor, Mohamed Bouazizi, protests
broke out in Sidi Bouzid, Tunisia.</text>
</paragraph><paragraph id="id1bea7283-2dce-4d87-bbf0-25f469116796"><enum>(4)</enum><text>The protests, which
quickly spread across Tunisia, involved peaceful demonstrators calling
for—</text>
<subparagraph id="id3f87d22f-285a-48d6-b8ef-a40205008f1c"><enum>(A)</enum><text>a new government;</text>
</subparagraph><subparagraph id="id12f7c41f-9ef2-435b-8596-bc2110e2cf9e"><enum>(B)</enum><text>free and fair
elections;</text>
</subparagraph><subparagraph id="idbe9b171f-3818-46ae-ab02-18fba11e04a5"><enum>(C)</enum><text>significant political
reforms;</text>
</subparagraph><subparagraph id="idaaacd2da-7772-4dd3-b71f-da53405699ca"><enum>(D)</enum><text>greater economic
opportunity; and</text>
</subparagraph><subparagraph id="id59587a06-dac9-4735-bc81-f06dd47e3b94"><enum>(E)</enum><text>an end to government
corruption.</text>
</subparagraph></paragraph><paragraph id="idf87885fc-3df4-463f-8922-548026088222"><enum>(5)</enum><text>The protests culminated
in the ouster of President Zine el-Abidine Ben Ali on January 14, 2011,
inspiring democracy activists throughout the region and around the
world.</text>
</paragraph><paragraph id="id8e74654b-7558-47da-8cae-eb01e88fc9a3"><enum>(6)</enum><text>The United States has a
strong interest in—</text>
<subparagraph id="id30e5979c-13f8-4d50-98e3-d231c9a6772f"><enum>(A)</enum><text>an orderly and peaceful
transition to democracy in Tunisia; and</text>
</subparagraph><subparagraph id="id6c0c3d7e-2532-437d-a030-9a2be6f72cec"><enum>(B)</enum><text>assisting the people of
Tunisia to form a representative and democratic political and economic system
that respects universal values.</text>
</subparagraph></paragraph><paragraph id="idf2b58bd4-43c7-46fc-b2bb-61d17e0406e9"><enum>(7)</enum><text>Tunisia—</text>
<subparagraph id="id4dd248b2-2e70-4ca1-b77d-9851c08816b4"><enum>(A)</enum><text>has a well-educated and
secular population that displayed extraordinary determination in forcing
President Ben Ali to abdicate; and</text>
</subparagraph><subparagraph id="idc29e0468-6dcb-4689-88c3-b217ac1fd41d"><enum>(B)</enum><text>is well-positioned to
make a successful democratic transition.</text>
</subparagraph></paragraph><paragraph id="ide4a592ff-de64-48cd-9e16-f78039efdbad"><enum>(8)</enum><text>In 2010—</text>
<subparagraph id="id0868ccbb-4f32-49f3-b13e-45a3949f2bab"><enum>(A)</enum><text>the inflation rate in
Tunisia was approximately 4.4 percent;</text>
</subparagraph><subparagraph id="id2116931e-1aa1-48ff-8a9e-3416bca2ff6d"><enum>(B)</enum><text>Tunisia’s foreign debt
was equal to 46 percent of its $44,000,000,000 gross domestic product (GDP);
and</text>
</subparagraph><subparagraph id="idbc7ce92b-c29a-40e8-ac7a-5c85430943f9"><enum>(C)</enum><text>according to The Peterson
Institute of Economics, Tunisia was the only country in the region in which per
capita incomes have gradually converged with the industrial democracies of the
Organization of Economic Cooperation and Development (OECD).</text>
</subparagraph></paragraph><paragraph id="idc3204746-94b3-4a66-9515-11ff2becdba3"><enum>(9)</enum><text>According to the World
Economic Forum's 2010–2011 Global Competitiveness Report—</text>
<subparagraph id="id26f96f39-174c-4c76-b816-7efc72b8e7f9"><enum>(A)</enum><text>Tunisia ranks first in
competitiveness among African nations; and</text>
</subparagraph><subparagraph id="ida7ec1658-39b3-4745-88d3-9bfe03c7d8e6"><enum>(B)</enum><text>Tunisia's most
problematic factor for doing business is lack of access to financing.</text>
</subparagraph></paragraph><paragraph id="id3343a3fa-c223-4883-9746-4196c92075b4"><enum>(10)</enum><text>According to the
International Monetary Fund (IMF), Tunisia had weathered the global economic
crisis well, having entered the crisis with strong fundamentals.</text>
</paragraph><paragraph id="id1acd8e69-3ddf-452d-883a-0d81e220616c"><enum>(11)</enum><text>As a result of the
dramatic events in Tunisia during January 2011—</text>
<subparagraph id="id05884b9b-f7ea-44dd-8f9c-e69aa7eee295"><enum>(A)</enum><text>Tunisia’s economy was
brought to a near standstill and continues to feel lingering effects;</text>
</subparagraph><subparagraph commented="no" id="id41fabb13-8df0-40af-87b9-f4948da3fe6f"><enum>(B)</enum><text>Tunisia’s debt rating was
downgraded;</text>
</subparagraph><subparagraph id="id434fbb91-29bd-4621-bdfb-e1c4fb52fb47"><enum>(C)</enum><text>tourism revenues, which
are responsible for an estimated 8.6 percent of direct contribution to
Tunisia's GDP, have dropped an estimated 40 percent compared to the previous
year;</text>
</subparagraph><subparagraph id="id09e9d099-55ba-43ab-9ac5-447269fa4368"><enum>(D)</enum><text>industrial output and
investment activity in Tunisia are experiencing significant short-term
reductions; and</text>
</subparagraph><subparagraph id="id5cf4d937-8ffa-47ba-8dc4-5a8a5048ab7a"><enum>(E)</enum><text>the value of the Tunisian
stock market fell by 14 percent.</text>
</subparagraph></paragraph><paragraph id="id957d23e0-14dc-40ea-b5c1-9b578bd70f1d"><enum>(12)</enum><text>The Fitch Rating Agency
concluded, <quote>Although the transition to democracy could well improve
confidence in the long-term, political upheaval has worsened the short-term
outlook for the economy, public finances and financial system</quote>.</text>
</paragraph><paragraph id="id5cec8e07-5064-46bd-8928-323ac7a19beb"><enum>(13)</enum><text>Analysts estimate that
the recent events in Tunisia—</text>
<subparagraph id="idf6aaa23a-c332-4867-bd3e-0761ac327c7f"><enum>(A)</enum><text>will increase government
deficits in Tunisia for the next 2 years, due in part to new government
spending; and</text>
</subparagraph><subparagraph id="idba5dd500-62a9-4a2d-a2c8-b22b94bac313"><enum>(B)</enum><text>has shaken the Tunisian
economy, although Tunisia’s medium-term growth outlook remains relatively
good.</text>
</subparagraph></paragraph><paragraph id="id97b43dbe-e38d-4d98-9d8a-7aefe2587739"><enum>(14)</enum><text>According to IMF’s
Middle East and Central Asia Department—</text>
<subparagraph id="id6468c987-6065-4cfd-9f46-611b9110593a"><enum>(A)</enum><text>Tunisia’s tourism and
foreign direct investment (FDI) inflows will continue to decline, which will
negatively impact the rest of the Tunisian economy;</text>
</subparagraph><subparagraph id="id571e9853-3042-4f04-ab09-d26452ba04d7"><enum>(B)</enum><text>recent events in Tunisia
have illustrated the need for more inclusive growth and better governance in
Tunisia; and</text>
</subparagraph><subparagraph id="id0f2591f7-e8d0-4f48-84f4-02020ae8de06"><enum>(C)</enum><text>it is important to
recognize that the Tunisian society has enduring strengths.</text>
</subparagraph></paragraph><paragraph id="idc0c14116-360e-43fc-9e48-6a594a5601fb"><enum>(15)</enum><text>The World Bank estimates
that Tunisian banks may face stress as second round effects of the slowdown in
businesses and investment permeate.</text>
</paragraph><paragraph id="idaec1b3b2-e1ea-4528-96f0-596e15726275"><enum>(16)</enum><text>Foreign direct
investment, which is a crucial component of Tunisia’s economic health, created
24 percent of the new jobs in 2009, according to Tunisia’s Ministry of Planning
and International Cooperation.</text>
</paragraph><paragraph id="idf3604caa-519b-4756-b583-ea5f93b6958d"><enum>(17)</enum><text>According to the African
Development Bank—</text>
<subparagraph id="id7ff67b4f-0e9d-4220-91fd-0356c014f8f4"><enum>(A)</enum><text>Tunisia has pursued
governance reforms in an effort to increase FDI and boost local enterprises;
and</text>
</subparagraph><subparagraph id="id550ff9ce-d03a-44a7-b946-882d06923ad8"><enum>(B)</enum><text>Small- and medium-sized
enterprises in Tunisia require support to access finance outside of the
traditional lines of credit because sources of finance for enterprises in
Tunisia are weak.</text>
</subparagraph></paragraph><paragraph id="idabb4aaa4-cb73-4eb6-acb8-2a3baf69d641"><enum>(18)</enum><text>According to the most
recent official estimates—</text>
<subparagraph id="idb15a38eb-728d-4dd6-bfda-a0eaf69e759f"><enum>(A)</enum><text>the unemployment rate in
Tunisia is 13 percent;</text>
</subparagraph><subparagraph id="id5c7d07ee-62d3-4303-b68d-fedde07ad954"><enum>(B)</enum><text>the youth unemployment
rate is 30.7 percent; and</text>
</subparagraph><subparagraph id="idd7448df2-3cee-4cd0-9f4e-71a315b0d099"><enum>(C)</enum><text>51 percent of the
population of Tunisia is younger than 30 years of age.</text>
</subparagraph></paragraph><paragraph id="id5cec5d69-0a98-4557-b5a3-0d1cf31a072d"><enum>(19)</enum><text>To help foster and
support the fledgling private sector after the fall of the Berlin Wall,
Congress, through enactment of the Support for East European Democracy (SEED)
Act of 1989 (22 U.S.C. 5401 et seq.) and the FREEDOM Support Act (22 U.S.C.
5801 et seq.), authorized nearly $1,200,000,000 for the United States Agency
for International Development (USAID) to establish 10 new investment funds
(collectively known as the <quote>Enterprise Funds</quote>) throughout Central
and Eastern Europe and the former Soviet Union.</text>
</paragraph><paragraph id="id175b5190-04fe-4920-80bd-6e86a88f34ac"><enum>(20)</enum><text>The Enterprise
Funds—</text>
<subparagraph id="id1f4bc7e2-5aed-4ba0-898c-53d143468729"><enum>(A)</enum><text>channeled funding into
more than 500 enterprises in 19 countries;</text>
</subparagraph><subparagraph id="id17441c35-47e3-4af9-ad66-4980758cb70c"><enum>(B)</enum><text>leveraged an additional
$5,000,000,000 in private investment capital from outside the United States
Government;</text>
</subparagraph><subparagraph id="id3bc9a557-d1e8-4a62-844d-f095674019d2"><enum>(C)</enum><text>provided substantial
development capital where supply was limited;</text>
</subparagraph><subparagraph id="idfa122ceb-94d1-4bd7-9407-5119d3bdd091"><enum>(D)</enum><text>created or sustained more
than 260,000 jobs through investment and development activities;</text>
</subparagraph><subparagraph id="id4e3ed32b-02eb-4107-bed3-f96b8da80741"><enum>(E)</enum><text>funded $74,000,000 in
technical assistance to strengthen the private sector; and</text>
</subparagraph><subparagraph id="id2214477f-b6e0-4d9f-8eac-15ad7bc96a18"><enum>(F)</enum><text>are expected to recoup
137 percent of the original USAID funding.</text>
</subparagraph></paragraph><paragraph id="id5b36a68e-5dcf-4ec1-8dd7-a7be1219b72a"><enum>(21)</enum><text>Enterprise Funds
established in partnership with United States partners, such as Poland,
Hungary, Albania, Russia, and other European countries, have proven beneficial
to the economies of such countries.</text>
</paragraph><paragraph id="ida067e113-170d-475c-960e-9e72a0adfc95"><enum>(22)</enum><text>Creating a similar fund
in close partnership with the people of Tunisia would—</text>
<subparagraph id="idb6931c2d-e156-460c-936f-22d3093aab3c"><enum>(A)</enum><text>help sustain and expand
reform efforts in Tunisia;</text>
</subparagraph><subparagraph id="id7963e9ab-3a8d-4c5c-b7fb-912ddeda0a26"><enum>(B)</enum><text>empower Tunisian
entrepreneurs with the resources required to create urgently needed employment
opportunities;</text>
</subparagraph><subparagraph id="id5705a67d-3465-4860-a427-5de74971a0a3"><enum>(C)</enum><text>help reinforce financial
institutions within the country;</text>
</subparagraph><subparagraph id="id5cff698e-3810-44f1-8c3d-e2e590cb3647"><enum>(D)</enum><text>provide debt and equity
investment for commercially viable SMEs; and</text>
</subparagraph><subparagraph id="id4c26d56c-fcee-4a8c-a286-c2f8c8e48cbb"><enum>(E)</enum><text>make the investment
environment more attractive to domestic and international investors.</text>
</subparagraph></paragraph></subsection></section><section id="id3046f840-ca55-44c5-a1ac-2ac5939dd0bc"><enum>203.</enum><header>Purposes of
Tunisian-American Enterprise Fund</header><text display-inline="no-display-inline">The purposes of the Tunisian-American
Enterprise Fund are—</text>
<paragraph id="idf61cee0a-e041-47d2-9849-6a35dd6d0b13"><enum>(1)</enum><text>to promote the private
sector in Tunisia, while considering the development impact of investments and
profitability of those investments, particularly in small- and medium-sized
enterprises, and joint ventures with participants from the United States and
Tunisia;</text>
</paragraph><paragraph id="idb84fc4c7-9ecf-4bca-9a34-77f8340d1fb5"><enum>(2)</enum><text>to promote policies and
practices conducive to strengthening the private sector in Tunisia through
measures including loans, microloans, equity investments, insurance,
guarantees, grants, feasibility studies, technical assistance, training for
businesses receiving investment capital, and other measures;</text>
</paragraph><paragraph id="idac38a7a6-06b3-4783-9eeb-2d3127c3e490"><enum>(3)</enum><text>to promote good corporate
governance and transparency in Tunisia, foster competition, catalyze
productivity improvements in existing businesses, and strengthen local capital
markets; and</text>
</paragraph><paragraph id="id6125e8db-2b4b-48b3-82fd-88a469c906c4"><enum>(4)</enum><text>to promote security
through job creation in the private sector in Tunisia and to further the
creation of a middle class in Tunisia.</text>
</paragraph></section><section id="id55087d34-118c-42b3-8866-738eb6688b06"><enum>204.</enum><header>Tunisian-American
Enterprise Fund</header>
<subsection id="id4ea86402-c7e4-41c1-a1ac-557a97dedc74"><enum>(a)</enum><header>Establishment</header><text>The
President is authorized to establish or designate a private, nonprofit
organization (to be known as the <quote>Tunisian-American Enterprise
Fund</quote>) to receive funds and support made available under this title
after determining that such organization has been established for the purposes
specified in section 203. The President should make such designation only after
consultation with the leadership of each House of Congress.</text>
</subsection><subsection id="idbe6140d2-8900-4cc4-b12e-b029bf2e1bcd"><enum>(b)</enum><header>Board of
directors</header>
<paragraph id="idb273b299-be78-4ad5-9bcb-d649604f76c4"><enum>(1)</enum><header>Appointment</header><text>The
Tunisian-American Enterprise Fund shall be governed by a Board of Directors,
which shall be comprised of 6 private citizens of the United States and 3
private citizens of Tunisia, appointed by the President of the United States in
consultation with the Government of Tunisia.</text>
</paragraph><paragraph id="idac6cbd9f-634e-4363-9853-edc1bb50d258"><enum>(2)</enum><header>Qualifications</header><text>Members
of the Board of Directors shall be selected from among people who have had
successful business careers and demonstrated experience and expertise in
international and particularly emerging markets investment activities, such as
private equity or venture capital investment, banking, finance, strategic
business consulting, or entrepreneurial business creation, and backgrounds in
priority business sectors of the Fund.</text>
</paragraph><paragraph id="ida4159aa9-3efe-4db5-a297-97603a94a828"><enum>(3)</enum><header>United states
government liaison to the board</header><text>The President shall appoint the
United States Ambassador to Tunisia, or the Ambassador's designee, as a liaison
to the Board.</text>
</paragraph><paragraph id="id990f0602-bea3-451d-9f74-939c5bbb0c9e"><enum>(4)</enum><header>Non-government liaisons
to the board</header>
<subparagraph id="id5c80f06b-ce2f-4d01-9ae1-af2d8e510772"><enum>(A)</enum><header>Authority to
appoint</header><text>Upon the recommendation of the Board of Directors, the
President may appoint up to 2 additional liaisons to the Board of Directors in
addition to the members specified in paragraphs (1) and (3), of which not more
than one may be a non-citizen of the United States.</text>
</subparagraph><subparagraph id="idbac956c0-0f49-4f5e-9f82-360c766c030a"><enum>(B)</enum><header>NGO
community</header><text>One of the additional liaisons to the Board should be
from the nongovernmental organization community, with significant prior
experience in development and an understanding of development policy priorities
for Tunisia.</text>
</subparagraph><subparagraph id="id25b9cec0-1d31-454b-9535-20d6d8e2eccb"><enum>(C)</enum><header>Technical
expertise</header><text>One of the additional liaisons to the Board should have
extensive demonstrated industry, sector, or technical experience and expertise
in a priority investment sector for the Fund.</text>
</subparagraph></paragraph></subsection><subsection id="id68c71485-6bd6-4fc7-907c-d681886ac0c8"><enum>(c)</enum><header>Grants</header>
<paragraph id="id1cb2a3ff-994f-4a50-856d-6be39a99a274"><enum>(1)</enum><header>In
general</header><text>The President may use funds appropriated by any Act, in
this fiscal year or prior fiscal years, making appropriations for the
Department of State, foreign operations, and related programs, including funds
previously obligated, that are otherwise available for such purposes,
notwithstanding any other provision of law—</text>
<subparagraph id="id1dd6d777-123f-4036-9c34-116ebff7bc69"><enum>(A)</enum><text>to carry out the purposes
specified in section 203 through the Tunisian-American Enterprise Fund;
and</text>
</subparagraph><subparagraph id="idc3a03901-6dd6-4e10-9c87-fc3ee6b009f8"><enum>(B)</enum><text>to pay for the
administrative expenses of the Tunisian-American Enterprise Fund, which should
not exceed 5 percent of the funds made available for the Fund.</text>
</subparagraph></paragraph><paragraph id="id9fbf19cd-1f11-4596-8306-8db5e7840f90"><enum>(2)</enum><header>Eligible programs and
projects</header><text>Grants awarded under this section may only be used for
programs and projects that support the purposes set forth in section
203.</text>
</paragraph><paragraph id="idf98bc78c-c956-4c46-86da-c224c36e1811"><enum>(3)</enum><header>Compliance
requirements</header>
<subparagraph id="id29d535d2-385c-4960-8677-681131a3fe99"><enum>(A)</enum><header>In
general</header><text>Grants may not be awarded to the Tunisian-American
Enterprise Fund under this section unless the Fund agrees to comply with the
requirements under this section.</text>
</subparagraph><subparagraph id="idfafc2a21-193e-4557-94ac-9c8f7c1ddfa2"><enum>(B)</enum><header>Grant
agreement</header><text>The grant agreement between the United States Agency
for International Development and the Tunisian-American Enterprise Fund shall
state that the Fund shall end its reinvestment cycle not later than December
31, 2021, unless the Secretary of State, in consultation with the Administrator
of the United States Agency for International Development, and after
consultation with the appropriate congressional committees, determines that the
Fund should be extended.</text>
</subparagraph><subparagraph id="id6eeccb74-3c21-48d4-8bc3-81fa8f8424d3"><enum>(C)</enum><header>Prevention of money
laundering and terrorist financing</header><text>The grant agreement between
the United States Agency for International Development and the
Tunisian-American Enterprise Fund shall state that the Fund shall comply with
procedures specified by the Secretary of State to ensure that grant funds are
not provided by the Fund to or through any individual, private or government
entity, or educational institution that advocates, plans, sponsors, engages in,
or has engaged in, money laundering or terrorist activity or, with respect to a
private entity or educational institution, that has as a principal officer of
the entity’s governing board or governing board of trustees any individual that
has been determined to be involved in or advocating money laundering or
terrorist activity or determined to be a member of a designated foreign
terrorist organization.</text>
</subparagraph><subparagraph id="id00ea9c58-65c6-4bab-bbca-88f19ed7862c"><enum>(D)</enum><header>Disposition of
assets</header><text>The assets of the Tunisian-American Enterprise Fund at the
time the Fund is dissolved shall be returned to the General Fund of the United
States Treasury and used to reduce the debt of the United States.</text>
</subparagraph></paragraph></subsection><subsection id="id94dd42a0-e3e6-4f6b-8ab9-33306eb44b1b"><enum>(d)</enum><header>Notification</header>
<paragraph id="id5d04c003-538d-4020-a067-3d42563e271a"><enum>(1)</enum><header>In
general</header><text>Not later than 15 days before designating an organization
to operate as the Tunisian-American Enterprise Fund pursuant to subsection (a),
the President shall provide the information described in paragraph (2) to the
Chairman and Ranking Member of the appropriate congressional committees.</text>
</paragraph><paragraph id="id859c756f-1409-4ddc-97ae-57bce02e63b0"><enum>(2)</enum><header>Information</header><text>The
information described in this paragraph is—</text>
<subparagraph id="id2fbcd736-11d4-4102-82a0-28f9a6ff1234"><enum>(A)</enum><text>the identity of the
organization to be designated to operate as the Tunisian-American Enterprise
Fund pursuant to subsection (a);</text>
</subparagraph><subparagraph id="id3798241f-2849-4d44-8514-3c7b53453188"><enum>(B)</enum><text>the names and
qualifications of the individuals who will comprise the initial Board of
Directors;</text>
</subparagraph><subparagraph id="id41fbd2cc-cd38-49e6-860e-0e3f611aecd6"><enum>(C)</enum><text>the procedures referred
to in subsection (c)(3)(C) that will apply to the Tunisian-American Enterprise
Fund for purposes of curtailing money-laundering and terrorist financing
activities; and</text>
</subparagraph><subparagraph id="id29DF07CF74AF49BF905FAC22261E7AA5"><enum>(D)</enum><text>the amount of the grant
intended to fund the Tunisian-American Enterprise Fund.</text>
</subparagraph></paragraph></subsection><subsection commented="no" id="id38e26fd1-3ca7-4d72-bfcc-9dcf0ff313fe"><enum>(e)</enum><header>Public
disclosure</header><text>Not later than 1 year after the entry into force of
the initial grant agreement under this section, and annually thereafter, the
Fund shall prepare and make available to the public on an Internet Web site
administered by the Fund a report on the Fund’s activities during the previous
year, including—</text>
<paragraph commented="no" id="ida5382976-26f9-4e71-8892-4b44f14a893f"><enum>(1)</enum><text>a description of each
investment or project supported by the Fund, including each type of assistance
provided in accordance with section 203(2);</text>
</paragraph><paragraph commented="no" id="id01a0fa07-9b93-4432-8f61-005f58f5d88e"><enum>(2)</enum><text>the amounts invested by
the Fund in each company or project;</text>
</paragraph><paragraph commented="no" id="ide8a57db6-bf12-4142-b0e5-820ec6a8cdff"><enum>(3)</enum><text>the amounts of additional
private investments made in each company or project; and</text>
</paragraph><paragraph commented="no" id="idb894519a-e490-4989-871a-e36b3ff82fd9"><enum>(4)</enum><text>the amounts of any
profits or losses realized by the Fund in connection with each such company or
project.</text>
</paragraph></subsection></section><section id="ida89d1de3-e61f-4ee4-845d-6e97ca9f82f5"><enum>205.</enum><header>Reports</header>
<subsection id="idf5fd3f3e-1d46-4955-909a-4c286452cc48"><enum>(a)</enum><header>Administrative
expenses</header><text display-inline="yes-display-inline">Not later than 1
year after the date of the enactment of this Act, and annually thereafter until
the Fund is dissolved, the Fund shall submit to the appropriate congressional
committees a report detailing the administrative expenses of the Fund.</text>
</subsection><subsection id="id5cf84151-ba04-45b9-87a7-22285e12a4fe"><enum>(b)</enum><header>GAO
report</header><text>Not later than 3 years after the date of the enactment of
this Act, and every 3 years thereafter until the Fund is dissolved, the
Comptroller General of the United States shall submit to the appropriate
congressional committees a report assessing the activities of the Fund in
achieving the stated goals of promoting private sector investment and
employment in Tunisia and identifying those institutional or regulatory
constraints that inhibit a more effective application of Fund resources.</text>
</subsection></section><section id="id6a860cfc-193e-49a4-97e1-f75f154d4041"><enum>206.</enum><header>Operation
provisions</header>
<subsection id="id32233ad9-f331-40f7-8e6a-bcfbb56455e3"><enum>(a)</enum><header>Applicable
provisions</header><text>Subsections (d)(5), (g), (h), (i), (k), (l), (m), (n),
(o), and (p) of section 201 of the Support for East European Democracy (SEED)
Act of 1989 (22 U.S.C. 5421) shall apply with respect to the Tunisian-American
Enterprise Fund in the same manner as such provisions apply to Enterprise Funds
designated pursuant to subsection (d) of such section.</text>
</subsection><subsection id="id8afac6f5-9ca0-4613-b67d-9db3befc7c6b"><enum>(b)</enum><header>Reinvestment</header><text>Returns
on investments of the Tunisian-American Enterprise Fund and other payments to
the Fund may be reinvested in projects carried out by the Fund without further
appropriation by Congress.</text>
</subsection></section><section id="id4d1cc200-befc-43a4-a9b6-2ab4b6db120e"><enum>207.</enum><header>Best practices and
procedures</header><text display-inline="no-display-inline">To the maximum
extent practicable, the Board of Directors of the Tunisian-American Enterprise
Fund should adopt the best practices and procedures used by Enterprise Funds,
including those for which funding has been made available pursuant to section
201 of the Support for East European Democracy (SEED) Act of 1989 (22 U.S.C.
5421).</text>
</section><section commented="no" display-inline="no-display-inline" id="idafbce89a-deb5-4c45-a382-7de58f6a9fa4" section-type="subsequent-section"><enum>208.</enum><header>Experience of other
enterprise funds</header><text display-inline="no-display-inline">In
implementing this title, the President shall ensure that the Articles of
Incorporation of the Tunisian-American Enterprise Fund (including provisions
specifying the responsibilities of the Board of Directors of the Fund), the
terms of United States Government grant agreements with the Fund, and United
States Government oversight of the Fund are, to the maximum extent practicable,
consistent with the Articles of Incorporation of, the terms of grant agreements
with, and the oversight of the Enterprise Funds established pursuant to section
201 of the Support for East European Democracy (SEED) Act of 1989 (22 U.S.C.
5421) and comparable provisions of law.</text>
</section>
June 22, 2011
Reported with an amendment