Eurasia Foundation Act - (Sec. 3) Directs the Secretary of State to make an annual grant to the Eurasia Foundation to: (1) promote civil society, private enterprise, and public administration and policy in the countries of Eurasia; (2) strengthen indigenous institutions that foster national development, social change, economic growth, and cooperative international relationships consistent with U.S. interests in Eurasia; and (3) conduct programs in the region that would be difficult or impossible for an official U.S. entity.
Expresses the sense of Congress that: (1) an appropriately funded Foundation can contribute significantly to the political, economic, and social development of democracy and human rights in the countries of Eurasia; (2) organizations that seek competitive grants typically perform in a more transparent and effective manner; and (3) the Foundation should seek competitive grants to supplement federal appropriations.
(Sec. 4) Sets forth grant eligibility provisions.
(Sec. 5) Directs the Foundation and any successor or related entity to the U.S. Russia Investment Fund (as defined by this Act) to enter into a memorandum of understanding for the purpose of coordinating activities carried out by the Foundation and the successor or related entity.
(Sec. 6) Defines "countries of Eurasia" as Armenia, Azerbaijan, Belarus, Georgia, Kazakhstan, the Kyrgyz Republic, Moldova, the Russian Federation, Tajikistan, Turkmenistan, Ukraine, and Uzbekistan.
(Sec. 7) Authorizes FY2008-FY2009 appropriations.