; 125 Stat. 1223), which appropriated funds made available under the heading Economic Support Fund to establish an enterprise fund for Jordan. (2) The intent of an enterprise fund is to attract private investment to help entrepreneurs and small businesses create jobs and to achieve sustainable economic development. (b) Establishment of Jordan Enterprise Fund The President is authorized to establish and operate an enterprise fund to provide assistance to Jordan. (c) Procedures and requirements The provisions contained in section 201 of the Support for East European Democracy (SEED) Act of 1989 ( 22 U.S.C. 5421 ), excluding the provisions of subsections (a), (b), (c), (d)(3), (f), and (j) of that section, shall be deemed to apply with respect to the Jordan Enterprise Fund and to funds made available to the enterprise fund in the same manner and to the same extent as such provisions apply with respect to enterprise funds established pursuant to such section or to funds made available to such established enterprise funds. (d) Operation of fund (1) Expenditures Funds made available to the Jordan Enterprise Fund shall be expended at the minimum rate necessary to make timely payments for projects and activities. (2) Administrative expenses Not more than 3 percent of the funds made available to the Jordan Enterprise Fund may be obligated or expended for the administrative expenses of the enterprise fund. (e) Board of directors The Jordan Enterprise Fund shall be governed by a Board of Directors comprised of 6 private citizens of the United States and 3 private citizens of Jordan who have pursued international business careers and have demonstrated expertise in international and emerging market investment activities. (f) Reports Not later than 1 year after the date of the enactment of this Act, and annually thereafter until the Jordan Enterprise Fund terminates in accordance with subsection (h) , the enterprise fund shall— (1) submit to the appropriate congressional committees a report detailing the administrative