Washington, DC -- Rep. Eliot L. Engel, Co-Chair of the Congressional Albanian Issues Caucus, congratulated the Albanian American Enterprise Fund (AAEF) and the US Agency for International Development (USAID) on the return of $15 million to the U.S. Treasury and the American taxpayers. 

"I congratulate the Albanian American Enterprise Fund for 15 years of excellent work in promoting economic development and best business practices in Albania.  Through first-rate stewardship of the $30 million in seed capital provided by USAID in 1995, AAEF expanded the original investment to almost $200 million and, this week, returned $15 million of that to the American taxpayers.  This is the way a public-private partnership is meant to work," said Rep. Engel.

According to USAID, the AAEF has promoted private sector development in Albania by investing in a wide array of private enterprises and providing management advice, training, and best practices to portfolio companies.  The Fund has completed approximately 62 investment transactions with over 32 Albanian companies, contributing an estimated $725 million to the GDP and creating over 3,500 jobs.  The remainder of the Funds assets will be transferred to the newly created Albanian American Development Foundation, which will continue to promote private sector development by providing grants in areas such as education for sustainable development, entrepreneurship, leadership development, and cultural tourism in Albania.

"With the success of the Albanian American Enterprise Fund, I believe it's time to set up a similar Enterprise Fund in Kosova building on the success in Albania.  I will work with the Administration and my colleagues in Congress to make that happen," said Rep. Engel.

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