[Public Papers of the Presidents of the United States: George H. W. Bush (1992-1993, Book II)]
[October 28, 1992]
[Page 2059]
[From the U.S. Government Publishing Office www.gpo.gov]



Statement by Press Secretary Fitzwater on the Baltic-American Enterprise 
Fund
October 28, 1992

    The President announced today that he will seek congressional 
authorization for the creation of a Baltic-American Enterprise Fund. 
This new fund, which will serve Estonia, Latvia, and Lithuania, will be 
capitalized at $45 million over 3 years and will be led by a board of 
directors composed of American citizens and representatives from the 
three Baltic countries.
    The enterprise fund will be modeled after similar funds established 
by the administration for Poland, the Czech and Slovak Federal Republic, 
Hungary, and Bulgaria, which have proven extremely successful in 
assisting private sector development. The objective of the fund will be 
to provide capital, in the form of either debt or equity financing, to 
small and medium-sized private enterprises in the Baltics. Just as the 
other U.S. enterprise funds have done, the Baltic-American Enterprise 
Fund may assist in the channeling of certain U.S. technical assistance 
in the Baltic countries, as well as financial assistance from other 
countries.
    The U.S. Government will also encourage participation in the fund by 
the European Bank for Reconstruction and Development, other donor 
countries, and private investors. Such a partnership would leverage USG 
funds by augmenting them with outside capital.
    This U.S. initiative demonstrates once again strong administration 
support for the independence of Estonia, Latvia, and Lithuania. Since 
the three countries regained their independence one year ago, the 
administration has supported and continues to support the withdrawal of 
all Russian forces from their territory at the earliest possible time, 
and has also provided substantial economic assistance. The 
administration's overriding objective is to help the three countries 
integrate themselves economically and politically with the West to 
ensure their future prosperity and their freedom.