Authorizing Participation in Enterprise for the Americas Multilateral Investment Fund

AUTHORIZING PARTICIPATION IN ENTERPRISE FOR THE AMERICAS MULTILATERAL INVESTMENT FUND -- (House of Representatives - April 25, 2006)

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Ms. WATERS. Madam Speaker, I rise in support of H.R. 4916, a bill to authorize U.S. participation in the Enterprise for the Americas Multilateral Investment Fund (the Fund/MIF). The bill provides $150 million for the Fund. While this may appear to be a small amount compared to some of our other commitments to multilateral institutions, the reauthorization of the Fund represents an important step in our continuing efforts to underwrite economic development activities outside of our own borders.

In the broadest sense the Fund is designed to promote private sector development in Latin America and the Caribbean. There are two overarching themes related to the Fund. One is to reduce poverty and promote grass roots economic growth in this part of the world. By strengthening micro and small enterprise capacities, the Fund stimulates improvements in the business environment and engages the private sector in the development process. Two, by underwriting projects that promote innovation, the Fund pilots new concepts, determining their feasibility for the commercial market, as well as whether they can be adapted on a larger scale.

To date, more than 75 percent of Fund project activities have been undertaken in partnership with the private sector. More than $1 billion has been approved for 800 projects. Through these projects MIF has become one of the best known organizations with private sector partners in Latin America and the Caribbean. As the largest provider of technical assistance in the Region, it is no doubt why this reauthorization has bipartisan support. Indeed, the Fund provides a stellar example of how we can best use our resources to promote development, while reducing poverty and raising the standard of living of our neighbors. Madam Speaker, I urge support of the bill.

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