The so-called Abraham Fund will provide more than $3 billion for investment and development initiatives in the Middle East

The United States, Israel and the Emirates establish an economic investment fund

photo_camera PHOTO/AMOS BEN GERSHOM/GPO - Israeli Prime Minister Benjamin Netanyahu (right) speaks at a joint press conference with UAE Minister of State for Financial Affairs Obaid Humaid al-Tayer (left) and US Treasury Secretary Steven Mnuchin (left) at Ben Gurion Airport

The United Arab Emirates (UAE), the United States and Israel announced the establishment of an economic fund linked to the recent Abraham Accords signed by these nations, together with Bahrain, whereby the Emirate and Bahrain established diplomatic relations with the Israeli state. 

On Tuesday the first official delegation from the Emirates arrived on Jewish territory as part of the normalisation of relations between the Arab country and the Hebrew one to sign several agreements on economic and visa matters. Israeli Prime Minister Benjamin Netanyahu received the Emirate expedition at Tel Aviv's Ben Gurion airport, where this agreement, which fulfils a commitment made in the Abraham Accords, were signed with a view to establishing diplomatic ties with the Hebrew nation.  

Through the newly established fund, the UAE, the US International Development Finance Corporation and Israel will allocate over $3 billion to private sector-led investment and development initiatives aimed at promoting regional economic cooperation and overall Middle Eastern prosperity.  

The Abraham Accords seek full recognition of the State of Israel by the entire Arab community following the first step taken by the Emirates and Bahrain in this direction, with a view to pacifying the Middle East area and putting an end to frozen conflicts such as the one between Israelis and Palestinians. Although there are sectors of the Arab sphere that consider this pact a betrayal of the Palestinian cause. In addition to the pursuit of peace, it is now also a question of improving the economic conditions of the inhabitants of the Middle East region and boosting the area's progress. 

El asesor de seguridad nacional israelí Meir Ben-Shabbat, el embajador de Estados Unidos en Israel, David Friedman, el secretario del Tesoro de Estados Unidos, Steve Mnuchin, y el enviado de Estados Unidos para Oriente Medio, Avi Berkowitz, pronuncian declaraciones antes de abordar el avión de la compañía aérea de bandera israelí El Al con destino a Bahréin, en el aeropuerto internacional Ben Gurion de Lod, cerca de Tel Aviv, Israel, el 18 de octubre de 2020

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 catalyze economic growth, improve standards of living, and create high-value, quality jobs.

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 United States, Israel, and the UAE believe that this initiative will create the foundation for stronger regional cooperation based on diversity, exchange, and shared humanity.

The Abraham Fund will bolster regional trade, enable strategic infrastructure projects, and increase energy security through the provision of reliable access to electricity. The fund also aims to improve agricultural productivity and facilitate reliable and efficient access to clean water in the region.

HE Ahmed Al Sayegh, UAE Minister of State, added that the fund “reflects the desire of the three countries to put the wellbeing of people first, regardless of their creed or identity.” He added that the UAE “is confident the initiative can be a source of economic and technological strength for the region, while simultaneously improving the lives of those who need the most support”, according to the official Emirate news agency WAM. 

El primer ministro israelí, Benjamin Netanyahu, el secretario del Tesoro de Estados Unidos, Steve Mnuchin, y el ministro de Estado de Emiratos Árabes Unidos, Obaid Humaid al-Taye,r aparecen en la foto en el aeropuerto Ben Gurion, cerca de Tel Aviv, Israel, el 20 de octubre de 2020

“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.”

“The Abraham Fund we are launching today will be an essential tool in the realization of the vision of our leaders to enhance regional cooperation,” said Ronen Peretz, Director General of the Prime Minister’s Office. “It will support the ingenuity of our entrepreneurs; it will produce the necessary menu of financial tools and it will provide the facilitation of our governments. The combination of business, finance, and government is essential in the creation of projects on the ground.”

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