The Trump administration’s $50 billion Middle East economic plan calls for creation of a global investment fund to lift the Palestinian and neighboring Arab state economies, and construction of a $5 billion transportation corridor to connect the West Bank and Gaza, according to U.S. officials and documents reviewed by Reuters.
The “economy first” approach toward reviving the moribund Israeli-Palestinian peace process could be a hard sell to a largely skeptical region. The plan, set to be presented by President Donald Trump’s son-in-law, Jared Kushner, at an international conference in Bahrain next week, includes 179 infrastructure and business projects, according to the documents.
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 Trump administration hopes that other countries, principally wealthy Gulf states, and private investors, would foot much of the bill, Kushner told Reuters.
The unveiling of the economic blueprint follows two years of deliberations and delays in rolling out a broader peace plan between Israelis and Palestinians. The Palestinians, who are boycotting the event, have refused to talk to the Trump administration since it recognized Jerusalem as the Israeli capital in late 2017.