For Immediate Release
WASHINGTON, DC – Today, U.S. Agency for International Development (USAID) Acting Assistant Administrator for Middle East, Alina Romanowski, announced the signing of the Tunisian-American Enterprise Fund (TAEF). The fund will invest in small and medium enterprises to promote inclusive economic growth and employment, critical to Tunisia’s transition to democracy.
The fund is being launched with a $20 million grant from USAID, the majority of which will be used to make loans and private equity investments. The fund will also seek to leverage private capital for investments.
“Measurable economic progress can help bolster democratic reforms both in Tunisia and elsewhere in the region,” said Romanowski. “The Tunisian-American Enterprise Fund will help to address gaps in financing for entrepreneurs and small businesses that overwhelmingly drive Tunisian private sector growth.”
The fund will have a Board of Directors comprised of six private U.S. citizens and three private Tunisian citizens who have expertise in international finance. The board will determine the fund’s investments. Bowman Cutter is the Chairman of the Board of the fund; he is currently Chairman of the Board of CARE, the global international humanitarian agency, and is a founder and current Chairman of MicroVest, a leading global microfinance fund.
Last updated: July 24, 2014