tity’s governing board or governing board of 
trustees any individual that has been deter-
mined to be involved in or advocating money 
laundering or terrorist activity or determined to 
be a member of a designated foreign terrorist 
organization. 
(D) DISPOSITION OF ASSETS.—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. 
(d) NOTIFICATION.— 
(1) IN GENERAL.—Not later than 15 days be-
fore designating an organization to operate as the 
Egyptian-American Enterprise Fund pursuant to 
subsection (a), the President shall provide the infor-
mation described in paragraph (2) to the Chairman 
and Ranking Member of the appropriate congres-
sional committees. 
(2) INFORMATION.—The information described 
in this paragraph is— 
(A) the identity of the organization to be 
designated to operate as the Egyptian-American 
Enterprise Fund pursuant to subsection (a); 
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(B) the names and qualifications of the in-
dividuals who will comprise the initial Board of 
Directors; and 
(C) the procedures referred to in sub-
section (c)(3)(C) that will apply to the Egyp-
tian-American Enterprise Fund for purposes of 
curtailing money-laundering and terrorist fi-
nancing activities. 
(e) PUBLIC DISCLOSURE.—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— 
(1) a description of each investment or project 
supported by the Fund, including each type of as-
sistance provided in accordance with section 103(2); 
(2) the amounts invested by the Fund in each 
company or project; 
(3) the amounts of additional private invest-
ments made in each company or project; and 
(4) the amounts of any profits or losses realized 
by the Fund in connection with each such company 
or project. 
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SEC. 105. REPORTS. 
(a) ADMINISTRATIVE EXPENSES.—Not later than 1 
year after the date of the enactment of this Act, and annu-
ally thereafter until the Fund is dissolved, the Fund shall 
submit to the appropriate congressional committees a re-
port detailing the administrative expenses of the Fund. 
(b) GAO REPORT.—Not later than 3 years after the 
date of the enactment of this Act, and every 3 years there-
after until the Fund is dissolved, the Comptroller General 
of the United States shall submit to the appropriate con-
gressional committees a report assessing the activities of 
the Fund in achieving the stated goals of promoting pri-
vate sector investment and employment in Egypt and iden-
tifying those institutional or regulatory constraints that 
inhibit a more effective application of Fund resources. 
SEC. 106. OPERATION PROVISIONS. 
(a) APPLICABLE PROVISIONS.—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 des-
ignated pursuant to subsection (d) of such section. 
(b) REINVESTMENT.—Returns on investments of the 
Egyptian-American Enterprise Fund and other payments 
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to the Fund may be reinvested in projects carried out by 
the Fund without further appropriation by Congress. 
SEC. 107. BEST PRACTICES AND PROCEDURES. 
To the maximum extent practicable, the Board of Di-
rectors of the Egyptian-American Enterprise Fund should 
adopt the best practices and procedures used by Enter-
prise 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). 
SEC. 108. EXPERIENCE OF OTHER ENTERPRISE FUNDS. 
In implementing this title, the President shall ensure 
that the Articles of Incorporation of the Egyptian-Amer-
ican 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, con-
sistent with the Articles of Incorporation of, the terms of 
grant agreements with, and the oversight of the Enter-
prise 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. 
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TITLE II—TUNISIAN-AMERICAN 
ENTERPRISE FUND 
SEC. 201. SHORT TITLE. 
This title may be cited as the ‘‘Tunisian-American 
Enterprise Fund Act’’. 
SEC. 202. PURPOSE AND FINDINGS. 
(a) PURPOSE.—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 free-
dom through the creation of a Tunisian-American Enter-
prise Fund that will support economic prosperity through 
financial investment and technical assistance to small- and 
medium-sized enterprises. 
(b) FINDINGS.—Congress makes the following find-
ings: 
(1) The United States and Tunisia have a 
strong, long-standing bilateral relationship. 
(2) Tunisia— 
(A) plays an important strategic role in 
promoting peace and security in North Africa, 
the broader Middle East, and elsewhere; and 
(B) has been, and continues to be, a re-
gional center for foreign investment and tour-
ism. 
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(3) On December 18, 2010, after the self-immo-
lation of a young street vendor, Mohamed Bouazizi, 
protests broke out in Sidi Bouzid, Tunisia. 
(4) The protests, which quickly spread across 
Tunisia, involved peaceful demonstrators calling 
for— 
(A) a new government; 
(B) free and fair elections; 
(C) significant political reforms; 
(D) greater economic opportunity; and 
(E) an end to government corruption. 
(5) 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. 
(6) The United States has a strong interest 
in— 
(A) an orderly and peaceful transition to 
democracy in Tunisia; and 
(B) assisting the people of Tunisia to form 
a representative and democratic political and 
economic system that respects universal values. 
(7) Tunisia— 
(A) has a well-educated and secular popu-
lation that displayed extraordinary determina-
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tion in forcing President Ben Ali to abdicate; 
and 
(B) is well-positioned to make a successful 
democratic transition. 
(8) In 2010— 
(A) the inflation rate in Tunisia was ap-
proximately 4.4 percent; 
(B) Tunisia’s foreign debt was equal to 46 
percent of its $44,000,000,000 gross domestic 
product (GDP); and 
(C) according to The Peterson Institute of 
Economics, Tunisia was the only country in the 
region in which per capita incomes have gradu-
ally converged with the industrial democracies 
of the Organization of Economic Cooperation 
and Development (OECD). 
(9) According to the World Economic Forum’s 
2010–2011 Global Competitiveness Report— 
(A) Tunisia ranks first in competitiveness 
among African nations; and 
(B) Tunisia’s most problematic factor for 
doing business is lack of access to financing. 
(10) According to the International Monetary 
Fund (IMF), Tunisia had weathered the global eco-
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nomic crisis well, having entered the crisis with 
strong fundamentals. 
(11) As a result of the dramatic events in Tuni-
sia during January 2011— 
(A) Tunisia’s economy was brought to a 
near standstill and continues to feel lingering 
effects; 
(B) Tunisia’s debt rating was downgraded; 
(C) tourism revenues, which are respon-
sible for an estimated 8.6 percent of direct con-
tribution to Tunisia’s GDP, have dropped an 
estimated 40 percent compared to the previous 
year; 
(D) industrial output and investment activ-
ity in Tunisia are experiencing significant 
short-term reductions; and 
(E) the value of the Tunisian stock market 
fell by 14 percent. 
(12) The Fitch Rating Agency concluded, ‘‘Al-
though the transition to democracy could well im-
prove confidence in the long-term, political upheaval 
has worsened the short-term outlook for the econ-
omy, public finances and financial system’’. 
(13) Analysts estimate that the recent events in 
Tunisia— 
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(A) will increase government deficits in 
Tunisia for the next 2 years, due in part to new 
government spending; and 
(B) has shaken the Tunisian economy, al-
though Tunisia’s medium-term growth outlook 
remains relatively good. 
(14) According to IMF’s Middle East and Cen-
tral Asia Department— 
(A) Tunisia’s tourism and foreign direct 
investment (FDI) inflows will continue to de-
cline, which will negatively impact the rest of 
the Tunisian economy; 
(B) recent events in Tunisia have illus-
trated the need for more inclusive growth and 
better governance in Tunisia; and 
(C) it is important to recognize that the 
Tunisian society has enduring strengths. 
(15) The World Bank estimates that Tunisian 
banks may face stress as second round effects of the 
slowdown in businesses and investment permeate. 
(16) Foreign direct investment, which is a cru-
cial 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. 
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(17) According to the African Development 
Bank— 
(A) Tunisia has pursued governance re-
forms in an effort to increase FDI and boost 
local enterprises; and 
(B) 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. 
(18) According to the most recent official esti-
mates— 
(A) the unemployment rate in Tunisia is 
13 percent; 
(B) the youth unemployment rate is 30.7 
percent; and 
(C) 51 percent of the population of Tunisia 
is younger than 30 years of age. 
(19) To help foster and support the fledgling 
private sector after the fall of the Berlin Wall, Con-
gress, 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 
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International Development (USAID) to establish 10 
new investment funds (collectively known as the 
‘‘Enterprise Funds’’) throughout Central and East-
ern Europe and the former Soviet Union. 
(20) The Enterprise Funds— 
(A) channeled funding into more than 500 
enterprises in 19 countries; 
(B) 
leveraged 
an 
additional 
$5,000,000,000 in private investment capital 
from outside the United States Government; 
(C) provided substantial development cap-
ital where supply was limited; 
(D) created or sustained more than 
260,000 jobs through investment and develop-
ment activities; 
(E) funded $74,000,000 in technical as-
sistance to strengthen the private sector; and 
(F) are expected to recoup 137 percent of 
the original USAID funding. 
(21) Enterprise Funds established in partner-
ship with United States partners, such as Poland, 
Hungary, Albania, Russia, and other European 
countries, have proven beneficial to the economies of 
such countries. 
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(22) Creating a similar fund in close partner-
ship with the people of Tunisia would— 
(A) help sustain and expand reform efforts 
in Tunisia; 
(B) empower Tunisian entrepreneurs with 
the resources required to create urgently needed 
employment opportunities; 
(C) help reinforce financial institutions 
within the country; 
(D) provide debt and equity investment for 
commercially viable SMEs; and 
(E) make the investment environment 
more attractive to domestic and international 
investors. 
SEC. 203. PURPOSES OF TUNISIAN-AMERICAN ENTERPRISE 
FUND. 
The purposes of the Tunisian-American Enterprise 
Fund are— 
(1) to promote the private sector in Tunisia, 
while considering the development impact of invest-
ments and profitability of those investments, par-
ticularly in small- and medium-sized enterprises, and 
joint ventures with participants from the United 
States and Tunisia; 
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(2) to promote policies and practices conducive 
to strengthening the private sector in Tunisia 
through measures including loans, microloans, equity 
investments, insurance, guarantees, grants, feasi-
bility studies, technical assistance, training for busi-
nesses receiving investment capital, and other meas-
ures; 
(3) to promote good corporate governance and 
transparency in Tunisia, foster competition, catalyze 
productivity improvements in existing businesses, 
and strengthen local capital markets; and 
(4) to promote security through job creation in 
the private sector in Tunisia and to further the cre-
ation of a middle class in Tunisia. 
SEC. 204. TUNISIAN-AMERICAN ENTERPRISE FUND. 
(a) ESTABLISHMENT.—The President is authorized 
to establish or designate a private, nonprofit organization 
(to be known as the ‘‘Tunisian-American Enterprise 
Fund’’) 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 Con-
gress. 
(b) BOARD OF DIRECTORS.— 
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(1) APPOINTMENT.—The Tunisian-American 
Enterprise Fund shall be governed by a Board of 
Directors, which shall be comprised of 4 private citi-
zens of the United States and 6 private citizens of 
Tunisia, appointed by the President of the United 
States in consultation with the Government of Tuni-
sia. 
(2) QUALIFICATIONS.—Members of the Board 
of Directors shall be selected from among people 
who have had successful business careers and dem-
onstrated experience and expertise in international 
and particularly emerging markets investment activi-
ties, such as private equity or venture capital invest-
ment, banking, finance, strategic business con-
sulting, or entrepreneurial business creation, and 
backgrounds in priority business sectors of the 
Fund. 
(3) UNITED STATES GOVERNMENT LIAISON TO 
THE
BOARD.—The President shall appoint the 
United States Ambassador to Tunisia, or the Am-
bassador’s designee, as a liaison to the Board. 
(4) 
NON-GOVERNMENT
LIAISONS
TO
THE 
BOARD.— 
(A) AUTHORITY TO APPOINT.—Upon the 
recommendation of the Board of Directors, the 
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President may appoint up to 2 additional liai-
sons 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. 
(B) NGO COMMUNITY.—One of the addi-
tional liaisons to the Board should be from the 
nongovernmental organization community, with 
significant prior experience in development and 
an understanding of development policy prior-
ities for Tunisia. 
(C) TECHNICAL EXPERTISE.—One of the 
additional liaisons to the Board should have ex-
tensive demonstrated industry, sector, or tech-
nical experience and expertise in a priority in-
vestment sector for the Fund. 
(c) GRANTS.— 
(1) IN
GENERAL.—The President may use 
funds appropriated by any Act, in this fiscal year or 
prior fiscal years, making appropriations for the De-
partment of State, foreign operations, and related 
programs, including funds previously obligated, that 
are otherwise available for such purposes, notwith-
standing any other provision of law— 
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(A) to carry out the purposes specified in 
section 203 through the Tunisian-American En-
terprise Fund; and 
(B) 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. 
(2) ELIGIBLE
PROGRAMS
AND
PROJECTS.— 
Grants awarded under this section may only be used 
for programs and projects that support the purposes 
set forth in section 203. 
(3) COMPLIANCE REQUIREMENTS.— 
(A) IN
GENERAL.—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 sec-
tion. 
(B) 
GRANT
AGREEMENT.—The 
grant 
agreement between the United States Agency 
for International Development and the Tuni-
sian-American Enterprise Fund shall state that 
the Fund shall end its reinvestment cycle not 
later than December 31, 2021, unless the Sec-
retary of State, in consultation with the Admin-
istrator of the United States Agency for Inter-
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national Development, and after consultation 
with the appropriate congressional committees, 
determines that the Fund should be extended. 
(C) PREVENTION OF MONEY LAUNDERING 
AND TERRORIST FINANCING.—The grant agree-
ment 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 insti-
tution, that has as a principal officer of the en-
tity’s governing board or governing board of 
trustees any individual that has been deter-
mined to be involved in or advocating money 
laundering or terrorist activity or determined to 
be a member of a designated foreign terrorist 
organization. 
(D) DISPOSITION OF ASSETS.—The assets 
of the Tunisian-American Enterprise Fund at 
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