US passes legislation to strengthen private sector
Legislation expected to empower private sector by creating jobs and opportunities.
The US Senate’s foreign relations committee has passed a bipartisan legislation approving the Pakistani-American Enterprise Fund, which will focus on strengthening the private sector in Pakistan using existing funds from the Kerry-Lugar-Berman aid package passed by the US Congress last year.
This legislation is expected to empower Pakistan’s private sector by creating jobs and opportunities, which should contribute to increasing economic growth and stability. The fund is modeled after successful post-Cold War funds established by the US 20 years ago for the development of Eastern Europe.
“Last month, I saw firsthand the gut-wrenching devastation caused by the floods in Pakistan. In its aftermath, millions of Pakistanis are struggling to provide for their families,” said Chairman Kerry.
“The enterprise fund is a creative way to help the private sector in Pakistan to provide jobs, opportunities and hope for the people. This is a clear example of how the Kerry-Lugar-Berman aid package can help stimulate growth in Pakistan. Today, the committee took another important step forward to making the enterprise fund a reality.”
The bill authorises the president of the US to establish a Pakistani-American Enterprise Fund utilising existing funds and leveraging these resources to provide direct financial capital and technical assistance to commercially viable small and medium-sized businesses in a manner uniquely suited to Pakistan’s fragile economy.
A board of directors comprising four US citizens and three Pakistani citizens with expertise in operating in international and emerging markets will be established to oversee the fund. It requires that assets of the fund be returned to the US once the fund is dissolved and used to reduce the debt of the country.
Published in The Express Tribune, September 24th, 2010.
This legislation is expected to empower Pakistan’s private sector by creating jobs and opportunities, which should contribute to increasing economic growth and stability. The fund is modeled after successful post-Cold War funds established by the US 20 years ago for the development of Eastern Europe.
“Last month, I saw firsthand the gut-wrenching devastation caused by the floods in Pakistan. In its aftermath, millions of Pakistanis are struggling to provide for their families,” said Chairman Kerry.
“The enterprise fund is a creative way to help the private sector in Pakistan to provide jobs, opportunities and hope for the people. This is a clear example of how the Kerry-Lugar-Berman aid package can help stimulate growth in Pakistan. Today, the committee took another important step forward to making the enterprise fund a reality.”
The bill authorises the president of the US to establish a Pakistani-American Enterprise Fund utilising existing funds and leveraging these resources to provide direct financial capital and technical assistance to commercially viable small and medium-sized businesses in a manner uniquely suited to Pakistan’s fragile economy.
A board of directors comprising four US citizens and three Pakistani citizens with expertise in operating in international and emerging markets will be established to oversee the fund. It requires that assets of the fund be returned to the US once the fund is dissolved and used to reduce the debt of the country.
Published in The Express Tribune, September 24th, 2010.