'A Daring Enterprise': US fund spurs Egyptian jobs and investment

A review of the book "A Daring Enterprise: A US-Egyptian Partnership and the Case for Soft Power" highlights a successful US venture capital initiative in Egypt. Launched after the 2011 revolution, the Egyptian-American Enterprise Fund aimed to stabilize the country's economy through private sector investment.

James A. Harmon, a former chairman of the Export-Import Bank, led the $300 million effort funded by the US government. The book chronicles how this initiative, operating under the US Agency for International Development (USAID), achieved remarkable success. It has since doubled its initial assets and supported approximately 60,000 jobs across 148 Egyptian companies.

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I received the call from Secretary of State Hillary Clinton in the wake of Egypt’s 2011 revolution. Would Harmon consider leading an effort to stabilize the Egyptian economy?

The review emphasizes the book's narrative of pragmatic partnership. It suggests that by investing fairly and sharing risks, the US can foster stability and growth in strategically important, yet often suspicious, nations. The success of the fund, which has also attracted an estimated $1.7 billion in foreign investment, serves as a testament to this approach.

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And so, under the auspices of the United States Agency for International Development (USAID) and the bipartisan blessing of Congress, we created the Egyptian-American Enterprise Fund: a $300 million commitment from the American people to help build a resilient, inclusive Egyptian private sector that could deliver jobs, growth and stability.