ByNEVILLE TELLER

JULY 12, 2026 14:10

Egypt often generates ambitious plans. From Nasser's industrial projects to Sadat's new urban centers to Mubarak's Nile expansion schemes, leaders have touted large-scale change, yet many initiatives faded without improving daily life for most citizens.

A Bold Venture: A US-Egyptian Partnership and the Case for Soft Power presents a contrasting tale. It details how the US government launched a venture capital program, shaped its growth, and delivered impressive results.

Three writers appear on the cover: James A. Harmon, Cornelius Queen, and Mark Warren. Still, the work reads as a personal account. From the start, the story centers on Harmon. The others contribute to clear writing and organized flow, yet the reflections, uncertainties, and rewards belong to Harmon.

"I received the call from Secretary of State Hillary Clinton after Egypt's 2011 revolution," he notes. Egypt faced turmoil following the removal of President Hosni Mubarak. Would Harmon lead an effort to steady the economy?

Harmon, an investment banker and former chairman of the Export-Import Bank of the United States, agreed. Clinton aimed to prevent political and economic breakdown in Egypt. She saw American partnership and investment as the path to stability.

"And so," writes Harmon, "under the auspices of the United States Agency for International Development (USAID) and with bipartisan support from Congress, we launched the Egyptian-American Enterprise Fund: a $300 million pledge from the American people to foster a strong, inclusive Egyptian private sector that could generate jobs, growth, and stability."

USAID, founded by President John F. Kennedy in 1961, serves as the main US federal agency for civilian foreign aid and global development.

The effort has succeeded remarkably. The fund's assets now stand at about twice the original congressional allocation, with stakes in 148 companies that support around 60,000 jobs. Egypt has also drawn an estimated $1.7 billion in outside investment.

The book conveys what matters to both nations. Egyptians seek reliable employment and growth for small businesses. Americans seek a constructive role in a key country that remains politically complex and often wary of Washington. Harmon offers a practical approach: invest equitably, share risks, and let results speak.

The account avoids claiming that an enterprise fund can overhaul politics or erase long-held suspicions. Capital alone does not fix all issues, yet it can achieve more when applied steadily and with restraint.

In contrast stand the earlier grand projects of Egyptian leaders - large, expensive efforts often fueled by prestige. The enterprise fund instead builds from the ground level, firm by firm and partnership by partnership.

Inside the investment story

The core of the book rests in these partnerships. Harmon walks through the investment process: spotting candidates, reviewing financials, assessing leadership, and conducting talks. These sections hold real interest.

Personalities shape every step - the founder reluctant to step back, the local banker doubtful of outside equity, the American attorney pushing safeguards unfamiliar in Egypt. The story gains appeal by showing these realities without polish. When success arrives, it feels well deserved.

The idea of soft power threads throughout. Harmon views the fund as "a model of what America can be at its best: pragmatic, generous, principled."

Many readers will note how timely the book appears. At a time when foreign involvement often draws criticism and some Americans doubt the worth of overseas engagement, "A Bold Venture" shows how one well-crafted policy tool delivered results and what lessons emerged.

Early in the account, Harmon observes that "this idea - that American capital, guided by American values, can create peace through prosperity - is not out of date. It is more vital than ever." The pages that follow give solid grounds to view this as more than rhetoric. Harmon illustrates how the approach unfolded in workplaces, factories, and communities across Egypt.

For those seeking insight into a constructive American presence in the Middle East beyond military terms, this book provides an engaging, personal, and ultimately optimistic path ahead.

Follow the writer at: www.a-mid-east-journal.blogspot.com■

A BOLD VENTURE: A US-EGYPTIAN PARTNERSHIP AND THE CASE FOR SOFT POWER
By James A. Harmon, Cornelius Queen and Mark Warren
240 pages; $32