TEL AVIV 21 October 2020: 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, said official news agency Wam.
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 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 UAE, the US, and Israel believe that this initiative will create the foundation for stronger regional cooperation based on diversity, exchange, and shared humanity.
Will bolster regional trade
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.
Ahmed Ali Al Sayegh, UAE Minister of State, stated 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.”
“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 realisation of the vision of our leaders to enhance regional cooperation,” said Ronen Peretz, Director-General of the Israeli 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.”