US, Israel, UAE announced the establishment of Abraham Fund following Accords commitment
The United States, Israel, and the United Arab Emirates announced the establishment of the Abraham Fund, which fulfills a commitment made in the Abraham Accords.
The Abraham Accord, or the Israel–United Arab Emirates peace agreement, was agreed to by Israel and the United Arab Emirates (UAE) on August 13, 2020.
Through this fund, the U.S. International Development Finance Corporation, the UAE, and Israel will mobilize 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.
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
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.
Adam Boehler, CEO of the US International Development Finance Corporation stated,
“The Abraham Fund will tackle challenges facing the region and increase economic opportunity for everyone,”
HE Ahmed Al Sayegh, UAE Minister of State, said.
“The fund reflects the desire of the three countries to put the wellbeing of people first, regardless of their creed or identity.”
Ronen Peretz, Director General of the Israel Prime Minister’s Office. said,
“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. 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 the government is essential in the creation of projects on the ground.”