The Central Asian-American Enterprise Fund (the “Fund”, or “CAAEF”) was incorporated in 1994 as a not-for-profit corporation formed pursuant to the Support for East European Democracy Act of 1989 (the “SEED Act”) and the Freedom for Russia and Emerging Eurasian Democracies and Open Market Support Act of 1992 (the “Freedom Act”) to encourage the creation and expansion of small and medium-sized enterprises in the Central Asian Republics of the former Soviet Union (Kazakhstan, The Kyrgyz Republic, Tajikistan, Turkmenistan, and Uzbekistan).

Following 8-years of extensive proactive efforts to support the growth and well being of the private business sector in Central Asia, The Fund commenced a wind-down plan in 2002, and achieved an orderly liquidation of its investment and loan portfolios (with operational closure of its offices in Central Asia) in 2004.

During its active operating years, CAAEF entered into 27 joint ventures with equity (or equity plus debt) financing totaling $61.5 million, granted 352 loans to establish or expand small and medium-sized enterprises (“SMEs”) totaling $37.3 million, extended 8 direct loans totaling $8.0 million (that by size or type fell beyond the terms of The Fund’s SME Loan Program), and funded more than 3,000 micro-credit loans totaling $10.4 million.

The Fund’s direct investments, SME and micro-loan programs, and technical assistance activities were directly responsible for:
  • Creating a diverse array of private business enterprises that continue to operate successfully and provide several thousand private sector employment opportunities;
  • Developing the western business practice skills of its local staff, joint venture partners and managers, small business loan customers, and employees of the local Partner Banks that participated in The Fund’s SME loan program; and,
  • Achieving a positive demonstration effect, by providing the close support and experience that now finds several of The Fund’s SME loan program Partner Banks offering small business term-loans directly to their customers, and other banks adopting similar lending activities that mirror the policies and procedures of CAAEF’s highly successful small business loan program.

In 2007, CAAEF filed formal notice of dissolution, closed its only remaining office, and announced the formation of the U.S. - Central Asia Education Foundation (the “Foundation”), a not-for-profit corporation, to be funded by a grant of approximately $15.5 from the Fund to continue its work in Kazakhstan, the Kyrgyz Republic, Tajikistan, Turkmenistan and Uzbekistan, by providing educational opportunities in business and undertaking other activities to cultivate a principled entrepreneurial environment in Central Asia that fosters the growth of free enterprise and open markets.

The Foundation intends to focus on three Enterprise Fellowship programs:

Enterprise Student Fellowships: which will provide financial aid (scholarships) to academically qualified resident citizens of Central Asia that due to low family income may otherwise not have been able to pursue an undergraduate business or economics degree at selected universities within the region that have adopted western-style curriculum and teaching practices, with English as the primary language for instruction;

Enterprise Faculty Fellowships: for faculty training and curriculum development at selected universities in Central Asia; and,

Enterprise Internship Fellowships: for Student Fellowship recipients to gain work experience within the region during their undergraduate years, and additional vocational, academic, and cultural experirience in the USA, or other democratic countries with open-market economies, following or nearing completion of their undergraduate degree.


The Board of Directors:

Margaret M Grieve
Bank of America
Associate General Counsel
Bank of America

Stephen D Weinroth
Managing Member,
Hudson Capital Advisors, LLC
Vice Chairman
Steven F. Shea
President & Chief Executive Officer
Central Asian-American Enterprise Fund


Steven F. Shea President & CEO  
Holly Burns Senior Accountant




Although the Fund is no longer operating, any need to contact the Fund may be accomplished by mail, telephone, fax, or email as follows:

Central Asian American Enterprise Fund
c/o Holly Burns
124 U Street NW
Washington, DC 20001

Phone: 202-306-0461
Fax:     240-597-0870

Email: Steven Shea sfshea@caaef.com
         Holly Burns hollyburns@caaef.com