Statement by Press Secretary Fitzwater on the Bulgarian-American Enterprise Fund

The Bulgarian-American Enterprise Fund was formally established on November 7, 1991. This $50 million U.S. initiative, to be capitalized over 3 years, will promote the development of the Bulgarian private sector through equity investments, loans, grants, training, and technical assistance.

Like the enterprise funds already established for Poland, Hungary, and the Czech and Slovak Federal Republic, the Bulgarian fund is a private, nonprofit organization. It will invest in Bulgaria's private sector, using its own funds and drawing on other sources of venture capital as well. It will foster the growth of private business in all sectors of the Bulgarian economy, with particular emphasis on agriculture and agribusiness: Agricultural inputs, food processing and packaging, distribution, and related areas. Drawing on its capital stock, the fund will also provide technical assistance to complement its investment activities.

The President is pleased to announce that the following distinguished American private sector leaders, representing a wide range of professional experience, have agreed to serve as U.S. members of the Board of Directors:

Chairman

Gary MacDougal, former chairman and CEO of Mark Controls Corp., and Public Delegate and Alternative Representative of the United States to the United Nations General Assembly.

Members

Theodore Cooper, chairman of the board and CEO of The Upjohn Co.

William W. Erwin, farmer, Board Member of the Farm Credit System Assistance Board, former Assistant Secretary of Agriculture.

Edgar D. Jannotta, partner, William Blair & Co.

Marshall Lee Miller, partner, Baker & Hostetler.

These U.S. board members will be joined by Bulgarian directors at a later date. In addition, Frank Bauer, formerly vice president with Booz Allen & Hamiltion, joins the Fund as President.