Through this fund, the UAE, the US International Development Finance Corporation, and Israel will mobilise more than $3 billion in private sector-led investment and development initiatives…reports Asian Lite News
The United Arab Emirates, the United States of America, and Israel, have announced the establishment of the Abraham Fund, which fulfils a commitment made in the Abraham Accords.
Through this fund, the UAE, the US International Development Finance Corporation, and Israel will mobilise more than $3 billion in private sector-led investment and development initiatives to promote regional economic cooperation and prosperity in the Middle East and beyond. The partners welcome participation from other countries to advance these objectives.
This initiative is an integral part of the historic peace accord signed by the UAE and Israel with the United States’ support, and demonstrates the benefits of peace by improving the lives of the region’s peoples. It is a manifestation of the new spirit of friendship and cooperation between the three countries, as well their common will to advance the region.
The countries will trilaterally open a development office based in Israel to identify and initiate strategic projects with a high developmental impact, including those that catalyse economic growth, improve standards of living, and create high-value, quality jobs.
The Abraham Fund will bolster regional trade, enable strategic infrastructure projects, and increase energy security through the provision of reliable and affordable access to electricity. The fund also aims to improve agricultural productivity and facilitate reliable and efficient access to clean water in the region.
“The Abraham Fund will tackle challenges facing the region and increase economic opportunity for everyone,” said Adam Boehler, CEO of the US International Development Finance Corporation. “We are excited to take this historic partnership to the next level to promote shared prosperity.”
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