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The inside story of one of the most successful U.S. foreign aid programs in the Middle East in recent decades
“An amazing story! A Daring Enterprise is a vivid account of the good America can do in the world if we’re faithful to our values.”—David Ignatius, columnist, Washington Post
What happens when the United States launches an unconventional foreign aid program in the aftermath of a national uprising? In this behind-the-scenes account of the Egyptian-American Enterprise Fund—a private investment fund created by the U.S. Congress to jumpstart Egypt’s private sector after the 2011 Egyptian revolution—A Daring Enterprise tells the story of one of the most effective, yet little known, U.S. foreign policy programs today in the Middle East.
Through the firsthand account of the Fund’s chairman James Harmon, a veteran investment banker and former Clinton administration official, the authors reveal how a small, U.S.-backed investment fund partnered with Egyptians to spark investment, create jobs, and expand opportunities for women in the Arab world’s largest country—all against a backdrop of political instability, anti-Americanism, and Washington dysfunction.
At a time when America’s budget deficit is rising and foreign aid is being scaled back, A Daring Enterprise reveals how a new model of foreign assistance can tackle urgent development challenges while delivering real returns for U.S. taxpayers. Most importantly, it is a powerful reminder of the value of foreign aid and why smart foreign investment is key to America’s future prosperity.
"An interesting read. . . .A Daring Enterprise offers a personalized look into how USAID held up in the turmoil of post revolutionary Egypt and accounts how young Egyptians sought to build their own future.”
—Middle East Monitor
“As the world stands at a crossroads, Harmon, Queen, and Warren offer a real American success story. A Daring Enterprise offers an insider account of how a US-backed investment fund improved the lives of millions of Egyptians and advanced American interests following the Arab Spring. This book offers a proven, bipartisan model for how the United States can foster a more peaceful and prosperous world.”
—Hillary Rodham Clinton, Former US Secretary of State
“A Daring Enterprise recounts the amazing story of how an American innovation in private sector development in Egypt really worked. This marriage of Egyptian talent with US financial creativity accomplished much more than new businesses, jobs, notable financial returns, and even social gains: It produced a practical partnership that changed lives and ideas about development enterprises.”
—Robert B. Zoellick, Former President of the World Bank, US Trade Representative, and US Deputy Secretary of State
“A compelling story that illuminates the way to use private enterprise to foster economic development, advance American interests abroad, and even receive a return on U.S. taxpayers’ investments.”
—H.R. McMaster, author of Battlegrounds and At War with Ourselves
“An amazing story! A Daring Enterprise is a vivid account of the good America can do in the world if we’re faithful to our values.”
—David Ignatius, columnist, The Washington Post
“The Egyptian-American Enterprise Fund is one of the few positive outcomes of the Arab uprisings. Its success against the background of general American failure in the Middle East is a testament to the small group of people who conceived of and made the fund a reality. It is a story that few in Washington know. A Daring Enterprise tells this critically important story about the positive use of American power. It should be on the reading list of every policymaker in Washington, DC.”
—Steven A. Cook, Eni Enrico Mattei Senior Fellow for Middle East and Africa Studies, Council on Foreign Relations
"James Harmon writes with the urgency of someone who knows the clock is running out. . . .The book reads fast and is difficult to put down."
—DJ Johnston, L4 Global
James A. Harmon is chairman of the Egyptian-American Enterprise Fund. He served as chairman of the Export-Import Bank of the United States during the Clinton administration from 1997 to 2001. Before entering government, he served as chairman and CEO of the investment bank, Schroder Wertheim & Co. He is chair emeritus of the World Resources Institute and is a member of the Council on Foreign Relations. He received his BA from Brown University and his MBA from the Wharton School of the University of Pennsylvania. He is the author of Up and Doing.
Cornelius Queen is senior vice-president at the Egyptian-American Enterprise Fund. He previously managed a humanitarian aid program in Lebanon during the Syrian refugee crisis, served as a legislative aide in the U.S. Congress, and was a member of the Carter Center’s election observation mission during Egypt’s 2011–2012 elections. He holds an MA from the Fletcher School of Law and Diplomacy at Tufts University and a BA from Johns Hopkins University. He is a term member at the Council on Foreign Relations.
Mark Warren was the longtime executive editor at Esquire before serving for several years as vice-president and executive editor at Random House. He is co-author with Senator Harry Reid of The Good Fight, and is the 2025 recipient of the Pulitzer Prize in Feature Writing.
CONTENTS
Acknowledgments
A Note to the Reader
Preface: A Moment of Urgency
1. Chaos in Cairo
2. The Warren Buffett of Egypt
3. Chaos There, Politics Here
4. Strikeouts and Home Runs
5. Risk and Reward
6. Startup Nation
7. The Education of the Enterprise Fund
8. Women Lead the Way to the Future
9. A Lifeline in the Storm
10. EAEF by the Numbers
Epilogue: In Defense of American Principles
Notes
Index