; and (4) the demonstration that private sector investment can be undertaken profitably. 4. Bosnia and Herzegovina-American Enterprise Fund (a) Designation The President is authorized to designate a private, nonprofit organization (to be known as the Bosnia and Herzegovina-American Enterprise Fund) to receive funds made available under this Act for the purposes specified in section 3. (b) Board of directors (1) Appointment The Bosnia and Herzegovina-American Enterprise Fund shall be governed by a Board of Directors, which shall be comprised of 7 private citizens of the United States appointed by the President of the United States in consultation with the Administrator of the United States Agency for International Development. The Board is authorized to elect up to 3 additional members who are citizens of Bosnia and Herzegovina if agreed to unanimously by all members of the Board. (2) Qualifications (A) Business experience Four members of the Board of Directors shall be selected from among people who have had successful business careers and demonstrated experience and expertise in international and particularly emerging markets investment activities, such as private equity or venture capital investment, banking, finance, strategic business consulting, or entrepreneurial business creation, and backgrounds in priority business sectors of the Fund. (B) Development experience Three members of the Board of Directors shall be selected from among people with significant prior experience in development and an expert understanding of development priorities for Bosnia and Herzegovina. (3) United States Government liaisons to the board The President shall appoint the United States Ambassador to Bosnia and Herzegovina, or the Ambassador's designee, as well as the Assistant Administrator of the United States Agency for International Development for Europe and Eurasia, or the Assistant Administrator’s designee, as liaisons to the board. (c) Grants (1) In general There is authorized to be appropriated for the Department of State