Inspiring the next generation of Central Asian leaders
Inspiring the next generation of Central Asian leaders
History
The Foundation, a congressionally approved “legacy foundation” to the former U.S. Government-sponsored Central Asian-American Enterprise Fund (Fund or CAAEF), is funded by a $15.7 million grant from CAAEF and commenced operation in May 2007. CAAEF was one of the “U.S. Enterprise Funds” authorized and funded by the U.S. Government after the dissolution of the former Soviet Union. It was incorporated in 1994 as a not-for-profit corporation 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) and operated in Central Asia for ten years until 2004. Like all Enterprise Funds, CAAEF was managed by a private board of directors and was required to liquidate its investments by a specified “sunset” date and either return the proceeds to the U.S. Treasury or develop a “legacy proposal” for an alternative use of these proceeds, consistent with the Fund’s mission.
During its operation, CAAEF had provided extensive training and education to the young Central Asian men and women who comprised its staff and worked in its lending and investing programs. The staff informed the CAAEF Board that this business education had proven invaluable. In conducting research for its legacy proposal, the CAAEF Board found that there was strong demand among private sector businesses in Central Asia for employees with a Western business education. Few opportunities existed, however, for academically qualified yet financially disadvantaged students to obtain an undergraduate business degree in Central Asia. The CAAEF Board determined that the cornerstone of its legacy proposal would be a financial need- and merit-based undergraduate scholarship at universities committed to the adoption of a Western-style curriculum. Recipients would pursue business-related fields and would be citizens of one of the five countries in which CAAEF operated.
In addition, the Board would include two complementary programs: a faculty development program and an internship program. After more than three years of efforts by its Board, the Fund received the necessary U.S. governmental approvals in May 2007, created the Foundation and launched the Enterprise Student Fellowship Program.
NOTES
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-size enterp- rises (“SMEs”), and funded more than 3,000 micro-credit loans totaling $10.4 million.
The Fund’s direct investments, SME and micro-loan programs & 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.
U.S.-Central Asia Education Foundation (U.S.-CAEF, or the Foundation) established in May 2007, is a not-for-profit corporation funded by a grant of $15.7 mln. from the Central Asian-American Enterprise Fund.
History
The Foundation, a congressionally approved “legacy foundation” to the former U.S. Government-sponsored Central Asian-American Enterprise Fund (Fund or CAAEF), is funded by a $15.7 million grant from CAAEF and commenced operation in May 2007. CAAEF was one of the “U.S. Enterprise Funds” authorized and funded by the U.S. Government after the dissolution of the former Soviet Union. It was incorporated in 1994 as a not-for-profit corporation 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) and operated in Central Asia for ten years until 2004. Like all Enterprise Funds, CAAEF was managed by a private board of directors and was required to liquidate its investments by a specified “sunset” date and either return the proceeds to the U.S. Treasury or develop a “legacy proposal” for an alternative use of these proceeds, consistent with the Fund’s mission.
During its operation, CAAEF had provided extensive training and education to the young Central Asian men and women who comprised its staff and worked in its lending and investing programs. The staff informed the CAAEF Board that this business education had proven invaluable. In conducting research for its legacy proposal, the CAAEF Board found that there was strong demand among private sector businesses in Central Asia for employees with a Western business education. Few opportunities existed, however, for academically qualified yet financially disadvantaged students to obtain an undergraduate business degree in Central Asia. The CAAEF Board determined that the cornerstone of its legacy proposal would be a financial need- and merit-based undergraduate scholarship at universities committed to the adoption of a Western-style curriculum. Recipients would pursue business-related fields and would be citizens of one of the five countries in which CAAEF operated.
In addition, the Board would include two complementary programs: a faculty development program and an internship program. After more than three years of efforts by its Board, the Fund received the necessary U.S. governmental approvals in May 2007, created the Foundation and launched the Enterprise Student Fellowship Program.
NOTES
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-size enterp- rises (“SMEs”), and funded more than 3,000 micro-credit loans totaling $10.4 million.
The Fund’s direct investments, SME and micro-loan programs & 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.
Providing educational opportunities to cultivate a business environment
Providing educational opportunities to cultivate a business environment
M I S S I O N
Encourage and assist the development and growth of a vibrant, open-market, private business sector in Central Asia by supporting the quality of – and affordable access to – Western business know-how and practices at select institutions of higher education in the region that have adopted Western curricula and teaching methods; providing opportunities for educational, vocational, and cultural experience in countries that serve as positive examples of an open-market economy operating within a democratic environment; and promoting other activities that will generate a favorable environment in Central Asia for private business to succeed and for an entrepreneurial spirit to thrive.
The Foundation implements its mission through the Enterprise Student Fellowship Program that is governed by the U.S.-CAEF board of directors, sponsored by the U.S. Department of State, and administered by American Councils for International Education.
The Foundation implements its mission through the Enterprise Student Fellowship Program that is governed by the U.S.-CAEF board of directors, sponsored by the U.S. Department of State, and administered by American Councils for International Education.
B O A R D O F D I R E C T O R S & O F F I C E R S
B O A R D O F D I R E C T O R S & O F F I C E R S
Margaret Grieve
Chairman
Margaret (Peggy) Grieve
Vice-Chair
Margaret (Peggy) Grieve is the President of PMG Management, Inc., a private company, responsible for managing the Grieve family office. Before assuming this responsibility in 2012, she had a successful career as a financial services lawyer, most recently serving as Managing Director of Bank of America, N.A., with responsibility for legal services for its global asset and liability management business and strategic planning and acquisitions. Prior to that, she was Managing Director and General Counsel for Barclays Bank PLC’s North American operations. She has lived and practiced in London, Hong Kong, and New York. She serves on the boards of several charitable organizations, the U.S.- Central Asia Education Foundation, the Child Mind Institute, Inc., the American Friends of Turkey, and Landmark Cultural Center.
Mary Ginsberg
President
Mary Ginsberg
Director
Mrs. Mary Ginsberg holds her undergraduate degree in Russian Studies and Chinese Studies from Yale University (1975), her first MA in International Business with specialization in East Asia from the School of International and Public Affairs, Columbia University (1979), and her second MA in Art and Archeology from the School of Oriental and African Studies, University of London (1998). From 1980 to 1994, Mrs. Ginsberg worked for Chase Manhattan Bank in New York, Hong Kong, Tokyo, London, and Moscow where she was involved in credit training, syndicated lending, tax-based leasing, and derivative trading. Until recently, Mrs. Ginsberg has served as a guest curator at the British Museum, Chinese and Central Asian Collections.
Publications: The Art of Influence: Asian Propaganda (2013); Communist Posters (editor and contributing author, 2017); and Lu Xun Legacy: Modern Chinese Prints (forthcoming)
Alan Brumberger
Vice Chair
Alan Brumberger
Director
An experienced leader in the finance and securities industry and an investment banker, currently Mr. Brumberger is the Chief Executive Officer of Emerald Point Capital Partners, LLC, and Director of Verselus, LLC, a privately-owned robotics company.
Mr. Brumberger was a partner in Andersen & Co. and its predecessor firms from 1997 to 2004. From 1995 through 1997, he was Managing Director of the Taylor Companies and from 1994 through 1995 served as a Managing Director of Brenner Securities, Inc. From 1983 through 1990, Mr. Brumberger was Managing Director of Drexel Burnham Lambert and a member of the Underwriting and Commitment Committees. Prior to this, he served as a Managing Director of Shearson American Express and a partner at Loeb, Rhoades & Co., a predecessor of Shearson American Express where he had served for three years as President and Chief Executive Officer of the firm’s international investment banking business in London. In addition, Mr. Brumberger has served on the Board of Directors of Fusion Telecommunications International Inc. since 1998.
Mr. Brumberger is a graduate of Yale University, the University of Michigan Law School, and Harvard Graduate School of Business Administration.
Holly Burns
Senior Accountant
Holly Burns
Treasurer
Holly Burns is the Assistant Treasurer and Senior Accountant for the U.S.- Central Asia Education Foundation (the “Foundation”) and has held those positions since the organization’s inception in May 2007. She has extensive experience in both the for-profit and not-for-profit sectors. After working for many years in the banking industry, Holly transitioned to the nonprofit sector in 1998, when she was hired as the Controller for the Central Asian-American Enterprise Fund, the predecessor organization to the Foundation.
Remembering Steve Weinroth
Steve, along with Steve Shea and Peggy Grieve, developed the idea for the Foundation. They advocated before the U.S. Congress to allow the $15,7 million grant received from the Central Asia America Enterprise Fund to fund the U.S. Central Asia Education Foundation. Steve served on the Foundation´s Board of Directors from its inception in 2007.
Steve’s financial acumen, years of business experience, and dedication to the U.S.-CAEF family, allowed the Foundation to manage its financial resources well beyond its expected lifetime “Our Fellows are remarkable in every respect,” he was heard to say time and again. “It is the greatest honor and pleasure to be part of the U.S.-CAEF family.”
Steve was born in New York in 1938. He attended Amherst College and Columbia University. During his long and successful career in finance, he was a partner at Loeb, Rhodes & Co. and a managing director at Drexel Burnham Lambert, where he was head of the Corporate Finance Commitment Committee and International Investment Banking. In addition, Steve was a co-founder and Chairman Emeritus of Core Laboratories, a global oil-field services company, and a longtime Board member of Hovnanian Enterprises, Inc., a large national home builder. He also served as Chairman and CEO of Integrated Resources.
In addition to his dedication to U.S.-CAEF Fellows and Alumni, Steve was devoted to the arts; his true love was dance. He joined the Board of the nonprofit, The Joyce Theater, in 1996 and served as its Chair from 2009-2014. He helped The Joyce’s early efforts in supporting new works by creating the Stephen and Cathy Weinroth Fund for New Works, which has supported hundreds of young dance artists. Steve remained an active trustee of The Joyce at the time of his death. He also served on the Board of the Paul Taylor Dance Company and the Hunter College Dance Advisory Board. For many years, he served on the Board of his secondary school in New York, the Horace Mann School.
He will be greatly missed by his wife of 30 years, Cathy Weinroth, his stepchildren, Andrew and Melissa Marks, his son-in-law, Vicente Caride, and his grandson, Archie Caride. Steve also will be missed by his second family, his U.S.-CAEF family. This includes his fellow Foundation Board members, Peggy Grieve, Alan Brumberger, who has known him for 55 years, Mary Ginsberg, and Holly Burns, the Foundation’s Assistant Treasurer who worked closely with Steve; as well as his American Councils friends. Most importantly, the heart of the U.S.-CAEF family, the 400 remarkable young men and women whose lives have been intertwined with Steve’s over 15 years, will miss his wisdom, humor, and roguish smile.
G R A N T S
Originally created as a diminishing fund, U.S.-CAEF accepted its last cohort of students in August 2018. However, in 2019, U.S.-CAEF received funding from the U.S. Department of State to continue the fellowship program at AUCA, Bishkek. In recognition of the successes of our fellows and alumni, U.S.-CAEF has also received additional awards form the U.S. Government to support other components of the program.
December 2018
Promoting STEM
The U.S.A. Pavilion (USAP) KazExpo 2017 provided special funding ($301,960) to American Councils to support U.S.-CAEF Fellows from Kazakhstan interested in STEM fields and seek to participate in the Summer Regional Internship Program and the Capstone Internship Program in Washington, DC.
September 2019
Supporting Dreams
The U.S. Department of State provided a $4 million grant to continue the U.S.-CAEF Enterprise Fellowship Program until 2025, offering students from Kazakhstan, the Kyrgyz Republic, Tajikistan, and Uzbekistan undergraduate degrees in business, economics, and technology at AUCA in Bishkek, the Kyrgyz Republic.
September 2020
Empowering Alumni
American Councils received a $200,000 grant from the U.S. Department of State for the first U.S.-CAEF Regional Alumni Conference in 2021. The three-day conference will bring together U.S.-CAEF alumni from around the region to strengthen ties between alumni, U.S. Embassies, and the alumni networks of their respective countries.
December 2018
Internship Award
The U.S.A. Pavilion (USAP) KazExpo 2017 provided special funding ($301,960) to American Councils to support U.S.-CAEF Fellows from Kazakhstan interested in STEM fields and seek to participate in the Summer Regional Internship Program and the Capstone Internship Program in Washington, DC.
September 2019
Fellowship Award
The U.S. Department of State provided a $4 million grant to continue the U.S.-CAEF Enterprise Fellowship Program until 2025, offering students from Kazakhstan, the Kyrgyz Republic, Tajikistan, and Uzbekistan undergraduate degrees in business, economics, and technology at AUCA in Bishkek, the Kyrgyz Republic.
September 2020
Alumni Award
American Councils received a $200,000 grant from the U.S. Department of State for the first U.S.-CAEF Regional Alumni Conference in 2021. The three-day conference will bring together U.S.-CAEF alumni from around the region to strengthen ties between alumni, U.S. Embassies, and the alumni networks of their respective countries.
“It is a time for the U.S.-CAEF Family to celebrate. The continuation of the program is a direct consequence of the successes of current Fellows and Alumni. Your achievements convinced the U.S. Department of State of the value and importance of extending U.S.-CAEF. As a Board, we are grateful to the U.S. Government, American Councils, our partner universities, and, most especially, the people of the United States, and its Department of State which have made the continuation of the U.S.-CAEF program possible.”
Margaret Grieve, Vice Chair of the U.S.-CAEF Board of Directors
P R O G R A M A D M I N I S T R A T O R
American Councils for International Education is a premier, international nonprofit creating educational opportunities that prepare individuals and institutions to succeed in an increasingly interconnected and rapidly changing world. Through academic exchanges, overseas language immersion, data-driven research, and educational development programs, American Councils designs and administers innovative programs and language assessments that broaden individual perspectives, increase knowledge, and deepen understanding. Since 1974, American Councils has worked in 85 countries important to national security, prosperity, and peace, and built a community of more than 89,000 Alumni, including national leaders, ministers, members of parliament, ambassadors, and CEOs.
P A R T N E R S
AUCA
Bishkek, Kyrgystan
Founded in 1993, the American University of Central Asia (AUCA) develops future leaders for the democratic transformation of Central Asia. AUCA is an international, multi-disciplinary learning community in the American liberal arts tradition. AUCA is the first university in Central Asia to offer US accredited degrees in liberal arts programs through a partnership with Bard College in the United States. In addition to Bard, AUCA maintains partnerships with a number of universities and organizations worldwide.
KIMEP University
Almaty, Kazakhstan
KIMEP University is the oldest and the largest North American-style University in Central Asia. It was founded in 1992 by the decree of Nursultan Nazarbayev, the First President of the Republic of Kazakhstan. KIMEP is an independent not-for-profit educational institution serving a multicultural and multinational student body aimed to improve the quality of life in Kazakhstan and the Central Asian region through teaching, learning, community service, and the advancement of knowledge in the fields of business administration and social sciences.
The Washington Center
Washington, D.C., United States
The Washington Center for Internships and Academic Seminars (TWC), is an independent, nonprofit organization serving hundreds of universities in the United States and other countries. TWC provides selected university students challenging opportunities to work and learn in Washington D.C. The Washington Center has over 50,000 alumni, many of whom are in leadership positions in the public, private, and nonprofit sectors. American Councils administers the U.S.-CAEF Capstone International Program in partnership with TWC.
AUCA
Bishkek, Kyrgystan
Founded in 1993, the American University of Central Asia (AUCA) develops future leaders for the democratic transformation of Central Asia. AUCA is an international, multi-disciplinary learning community in the American liberal arts tradition. AUCA is the first university in Central Asia to offer US accredited degrees in liberal arts programs through a partnership with Bard College in the United States. In addition to Bard, AUCA maintains partnerships with a number of universities and organizations worldwide.
KIMEP University
Almaty, Kazakhstan
KIMEP University is the oldest and the largest North American-style University in Central Asia. It was founded in 1992 by the decree of Nursultan Nazarbayev, the First President of the Republic of Kazakhstan. KIMEP is an independent not-for-profit educational institution serving a multicultural and multinational student body aimed to improve the quality of life in Kazakhstan and the Central Asian region through teaching, learning, community service, and the advancement of knowledge in the fields of business administration and social sciences.
The Washington Center
Washington, D.C., United States
The Washington Center for Internships and Academic Seminars (TWC), is an independent, nonprofit organization serving hundreds of universities in the United States and other countries. TWC provides selected university students challenging opportunities to work and learn in Washington D.C. The Washington Center has over 50,000 alumni, many of whom are in leadership positions in the public, private, and nonprofit sectors. American Councils administers the U.S.-CAEF Capstone International Program in partnership with TWC.