Southern Africa Enterprise Development Fund Act of 2008

Southern Africa Enterprise Development Fund Act of 2008 - Authorizes: (1) the Southern Africa Enterprise Development Fund (SAEDF) to conduct public offerings or private placements for the purpose of soliciting and accepting venture capital; and (2) financial returns on SAEDF investments that include a component of private venture capital to be distributed to the investors of such capital.

[Congressional Bills 110th Congress]
[From the U.S. Government Printing Office]
[H.R. 7164 Introduced in House (IH)]







110th CONGRESS
  2d Session
                                H. R. 7164

To authorize the Southern Africa Enterprise Development Fund (SAEDF) to 
   conduct public offerings or private placements for the purpose of 
   soliciting and accepting venture capital, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           September 26, 2008

  Mr. Payne (for himself and Ms. Jackson-Lee of Texas) introduced the 
   following bill; which was referred to the Committee on Financial 
                                Services

_______________________________________________________________________

                                 A BILL


 
To authorize the Southern Africa Enterprise Development Fund (SAEDF) to 
   conduct public offerings or private placements for the purpose of 
   soliciting and accepting venture capital, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Southern Africa Enterprise 
Development Fund Act of 2008''.

SEC. 2. FINDINGS.

    Congress finds the following:
            (1) The Southern Africa Enterprise Development Fund (SAEDF) 
        was created in 1994 for the purpose of providing financial 
        services to stimulate the creation and expansion of indigenous, 
        previously disadvantaged small- and medium-sized enterprises 
        (SMEs) in the southern African region.
            (2) SAEDF's geographic scope encompasses 11 vastly 
        different southern African nations covering an area nearly the 
        size of the United States.
            (3) SAEDF's grant agreement with the United States Agency 
        for International Development (USAID) requires that not less 
        than 50 percent of its capital be invested in the Republic of 
        South Africa.
            (4) SAEDF was conceived as an independent not-for-profit 
        vehicle providing long-term risk capital as well as offering 
        advice and technical assistance both to financial 
        intermediaries and directly to individual firms, all for the 
        purpose of creating socio-economic opportunities and job and 
        wealth creation among disadvantaged groups.
            (5) SAEDF has achieved notable commercial accomplishments 
        and has put more than $80,000,000 to work in carrying out its 
        mission, providing financing to 29 indigenous ventures across 
        southern Africa which directly employ over 2,000 workers and 
        leading to the creation of an estimated 50,000 jobs.

SEC. 3. USE OF UNITED STATES PRIVATE VENTURE CAPITAL AND 
              NONAPPLICABILITY OF OTHER LAWS.

    (a) Use of Private Venture Capital.--In order to maximize the 
effectiveness of the activities of SAEDF, SAEDF may conduct public 
offerings or private placements for the purpose of soliciting and 
accepting venture capital which may be used, separately or together 
with funds made available from the United States Government, for any 
lawful investment purpose that the Board of Directors of SAEDF may 
determine in carrying out the activities of SAEDF. Financial returns on 
SAEDF investments that include a component of private venture capital 
may be distributed, at such times and in such amounts as the Board of 
Directors of SAEDF may determine, to the investors of such capital.
    (b) Nonapplicability of Other Laws.--Notwithstanding any other 
provision of law, funds obligated to SAEDF may be available and used 
for the purposes of its grant, this bill, or otherwise, and Executive 
branch agencies may conduct programs and activities and provide 
services in support of the activities of SAEDF notwithstanding any 
other provision of law.

SEC. 4. DEFINITION.

    In this Act, the term ``Southern Africa Enterprise Development 
Fund'' or ``SAEDF'' includes any successor or related entity to SAEDF 
or any organization, corporation, limited-liability partnership, 
foundation, or other corporate structure that receives, or is 
authorized to manage, any or all of the remaining funds or assets of 
SAEDF.
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