Albanian American Enterprise Fund
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Albanian American Enterprise Fund (AAEF) is a non-political, US corporation established pursuant to the Support for East European Democracy Act of 1989. It was incorporated in 1995 and maintains offices in New York and Tirana.
[edit] Background
The AAEF was established in 1994 as part of a United States initiative to encourage and develop the private sector in the transition countries of Eastern Europe. The programme was seen as an alternative to direct foreign assistance, avoiding the entanglements of traditional administrative bureaucracy. Since its creation, the AAEF has invested nearly USD$62 million in various sectors of the Albanian economy, with transparency, law enforcement and the fight against corruption seen as key issues on its agenda.
[edit] Activities
The AAEF not only provides financial aid but functions an investor, helping to finance businesses in various sectors of the economy. Over ten years, the Fund has made 62 investments in 25 Albanian companies. In this way, it has doubled the initial capital provided by the US government. Companies financed by AAEF have contributed as much as $419 million to the country's GDP, creating over 2,700 job opportunities. Over the past ten years, the AAEF's largest investments have been in modernising Albania's Mother Teresa International Airport and establishing the American Bank of Albania (ABA).
