[Congressional Record Volume 152, Number 48 (Thursday, April 27, 2006)]
[Extensions of Remarks]
[Page E651]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




 AUTHORIZING PARTICIPATION IN ENTERPRISE FOR THE AMERICAS MULTILATERAL 
                            INVESTMENT FUND

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                               speech of

                             HON. JIM KOLBE

                               of arizona

                    in the house of representatives

                        Tuesday, April 25, 2006

  Mr. KOLBE. Madam Speaker, I rise in support of H.R. 4916 authorizing 
a replenishment of the Enterprise Fund for the Americas.
  The Multilateral Investment Fund (MIF) was created in 1993 as part of 
the `Enterprise for the Americas' initiative to provide technical 
assistance in Latin American and Caribbean countries to stimulate 
innovation and economic growth. The objective of the fund is to use 
grants and investments to develop micro enterprises, build worker 
skills, strengthen environmental management and improve the functions 
of financial markets. I'm pleased to be able to say that the 
Multilateral Investment Fund has been a model of reform and 
transparency for other multilateral banks of reform and transparency. 
The Fund has aggressively embraced transparency in it's work. It is on 
the front line of change in a development sector where indictments of 
ineffectiveness are most often heard.
  Experience demonstrates that private sector development agencies can 
be a powerful and transformative development tool. In Poland and across 
central Europe these types of funds have helped build small and medium 
size businesses, created jobs, changed the economic environment and 
helped establish a middle class. Given the rapidly deteriorating 
political condition in Latin America, we need every arrow in our quiver 
if we are to demonstrate to countries in our hemisphere the inherent 
value of open market--both political and economic.
  In the preceding 4 years, Congress provided almost $72 million for 
the MIF. Although the U.S. has pledged $150 million over the next six 
years for MIF II, meeting that commitment will depend on budget 
constraints and shifting spending priorities. There are many competing 
needs in the fiscal year 2007 budget and it will be no different In 
following budget years. It is, however, worth noting that our pledge 
has leveraged thus far an additional $352 million from 36 other 
countries.
  We need to be innovative in our development work if we are to 
increase trade and build small and medium size businesses. The 
Enterprise for the Americas Multilateral Investment Fund helps to 
achieve these goals. I support this legislation.

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