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You can't find many success stories in America's sour, sullen relationship with Egypt over the past decade.This private-equity fund, using money appropriated by Congress, is helping finance new small and medium-size businesses that are creating jobs and entrepreneurial energy in the sometimes moribund, statist Egyptian economy. Starting with $300 million, the fund has had a roughly 19 percent internal rate of return over the past four years, Enan says.There's a trust gap with the Egyptian public: America has alienated nearly every segment of the population here since 2011 by jettisoning pro-Western President Hosni Mubarak that year, then looking the other way during Sisi's 2013 coup against Islamist President Mohammed Morsi, and then shunning Sisi.To assemble and manage its portfolio, the fund chose an Egyptian investment firm, Lorax Capital Partners. The Egyptian government was wary at first, but gradually embraced the project.Next came Sarwa Capital, a consumer-finance company that recently went public at three times its early valuation; the fund also backed Orchidia, one of the fastest-growing pharmaceutical companies in Egypt.
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