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US plan for Palestinian economy envisions $50 bn investment

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WASHINGTON: White House senior adviser Jared Kushner is to formally unveil the first part of his Middle East peace plan during a Bahrain conference next week, outlining a path for development of the fragile economies of the Palestinian territories and three neighbouring Arab countries.


The following are some facts about the “economic vision,” drawn from White House documents reviewed by Reuters and described exclusively by Kushner and his aides, who are hoping to gain traction for their proposals during the June 25-26 gathering:


• Donor nations and investors would contribute about $50 billion, with $28 billion going to the Palestinian territories of the West Bank and Gaza, $7.5 billion to Jordan, $9 billion to Egypt and $6 billion for Lebanon. The White House hopes Gulf states will be among the biggest donors. Kushner said the United States would also consider contributing.


• Money raised through this international effort would be placed in a newly created fund to boost the economies of the Palestinian areas and those three countries. It would be administered by a multinational development bank. The funds would be managed by an appointed board of governors who would determine allocation based on project proposals.


• $15 billion of the total would come from grants, $25 billion in subsidised loans, and about $11 billion would come in through private capital.


• 179 economic development projects would be funded, including 147 for the West Bank and Gaza, 15 for Jordan, 12 for Egypt, and 5 for Lebanon.


• The projects include infrastructure, water, power, telecommunications, tourism and medical facilities, among others.


• Tens of millions of dollars would be set aside for several projects intended to draw closer connections between the Gaza Strip and Egypt’s Sinai through services, infrastructure and trade.


• Power lines from Egypt into Gaza would be upgraded and rehabilitated to increase the flow of electricity. It also proposes exploring ways to better use existing Egyptian industrial zones to promote trade between Egypt, Gaza, the West Bank and Israel, but does not identify the zones.


• Further proposals for Egypt are to “support port expansion and business incentives for the Egyptian trade hub near the Suez Canal,” as well as to develop Sinai tourism facilities near the Red Sea. — Reuters


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