The Hungarian-American Enterprise Fund (HAEF) announced today the establishment of the Hungarian-American Enterprise Scholarship Fund to support sending Hungarians to the United States to advance their professional development
Fellowships of up to $50,000 will be available to established scholars and other professionals for advanced work and research in the United States. Internship stipends in the range of $25,000 will finance work-related experiences in the United States for Hungarian graduating students. "After lengthy review, HAEF’s Board determined that one of the best ways to help Hungary today is by continuing to encourage closer professional ties to the United States. The Board conceived the specialized programs of the Scholarship Fund, which were approved by the U.S. Government, demonstrating America’s ongoing commitment to support Hungary’s development," said Eriberto Scocimara, President and Chief Executive Officer of the Hungarian-American Enterprise Fund. He added, "America came early to Hungary’s aid in 1989 by creating and funding the Hungarian-American Enterprise Fund to provide investment capital to help entrepreneurs build private businesses. With the proceeds recouped as we harvest those investments, America will continue to support the development of Hungarians through HAEF’s new Scholarship Fund providing a professional experience in the United States." The Hungarian-American Enterprise Scholarship Fund is a not-for-profit Delaware corporation established by HAEF. It is managed separately from HAEF by its own Board of Directors, initially comprised of three HAEF Board Members - Professor Francis M. Bator, HAEF Chairman George D. Gould and HAEF Chief Executive Officer E.R. Scocimara. The Scholarship Fund’s programs will be administered on a turnkey basis by the Council on International Education Exchange (CIEE), a leader in international educational exchange programs for the past 55 years. CIEE is a large U.S.-based organization operating around the world with an established presence in Budapest through its regional office. "Hungary has achieved impressive progress during the past 14 years, and HAEF has broadly realized its investment mission. Now as HAEF exits its portfolio companies over the coming years, we will leave a legacy that continues to strengthen ties between Hungarian and Americans. We believe that by providing professional development experiences in the United States for Hungarians, both our nations can benefit over the long-term from the relationships established," concluded Scocimara.