The White House on Saturday outlined a $50 billion Middle East economic plan that would create a global investment fund to lift the Palestinian and neighboring Arab state economies, and fund a $5 billion transportation corridor to connect the West Bank and Gaza.
The “peace to prosperity” plan, set to be presented by White House senior adviser Jared Kushner at an international conference in Bahrain next week, includes 179 infrastructure and business projects, according to details of the plan and interviews with U.S. officials. The approach toward reviving the moribund Israeli-Palestinian peace process was criticized by the Palestinians on Saturday.
The ambitious economic revival plan, the product of two years of work by Kushner and other aides, would take place only if a political solution to the region’s long-running problems is reached.
More than half of the $50 billion would be spent in the economically troubled Palestinian territories over 10 years while the rest would be split between Egypt, Lebanon and Jordan. Some of the projects would be in Egypt’s Sinai peninsula, where investments could benefit Palestinians living in adjacent Gaza, a crowded and impoverished coastal enclave.
The plan also proposes nearly a billion dollars to build up the Palestinians’ tourism sector, a seemingly impractical notion for now given the frequent flareups between Israeli forces and militants from Hamas-ruled Gaza, and the tenuous security in the occupied West Bank.