From the Liveblog of
Tuesday, October 20, 2020
Israel, US, UAE announce $3 billion investment fund
A joint statement from the UAE, Israel and the US sent out by the US embassy in Israel announces the creation of a fund to funnel investment to projects that “promote regional economic cooperation and prosperity in the Middle East and beyond.”
The announcement of the Abraham Fund, long on platitudes and short on details, puts the size of the kitty at more than $3 billion, though it is unclear if that has been pledged or is a goal.
“The fund will enable its members to launch people-focused investments, providing opportunity and hope for the region and its youth by enabling them to build a future that serves them and their communities,” the statement reads.
“The partners welcome participation from other countries to advance these objectives.”
As part of the fund, which was included in the Abraham Accords, the three countries will open a development office in Israel.
“The Abraham Fund will tackle challenges facing the region and increase economic opportunity for everyone,” Adam Boehler, CEO of the US International Development Finance Corporation, says in the statement. “We are excited to take this historic partnership to the next level to promote shared prosperity.”
The Times of Israel Community.