The new American administration has decided to put on hold its mega-investment fund that was supposed to help strengthen regional ties after last year’s signing of the Abraham Accords, Globes reported Wednesday, based on American and Israeli sources.

The Abraham Fund was established immediately after Israel signed the historic normalization agreement with the UAE and Bahrain in September 2020.

It was to be underwritten by some $3 billion from both the U.S. government and private financial institutions to “promote economic cooperation and to encourage prosperity in the Middle East and beyond.”

After getting off to a running start, approving more than 10 projects in such fields as energy and fin-tech and reviewing hundreds more, it came to a sudden stop when Joe Biden won the presidential elections. The Fund’s head, appointed by former president Trump, left, and a successor has yet to be chosen.

According to Globes, the administration has told Israel that the Fund’s activities were being “reassessed.”

It also cited “a senior U.S. source” who said that while the White House wants the Abraham Accords to succeed, it will only promote the diplomatic side and has “indefinitely frozen” the Fund.

Source: World Israel News

 

Related Articles:

The UN’s latest actions show it is no longer hiding its antisemitic hatred of Israel

We have long been speaking out against the United Nations for their blatant bias against Israel. However, things are now worse than ever before. There is no hiding the fact...

New poll reveals ‘emergency crisis’ for UK’s future generation’s support for Israel

A majority of Britain’s young people do not believe that Israel should exist, according to a latest poll. Conducted by Focaldata for UnHerd, a worrying 54% of 18-24 year olds agree with...

Pro-Israel supporters show up for Israel: 40,000 in London, 100,000 in New York

Records were broken when pro-Israel supporters took to the streets in London and New York calling for the release of the 125 hostages still held by Hamas in Gaza and to show their...

King George’s D-Day call to pray “continuously” inspired nations around the world to turn to God

On 6 June 1944, King George VI addressed the nations in a speech that was broadcast throughout the world. Naming countries of the Empire and our other Allies, including the United...

Rafah lies prove the world needs little evidence to demonise Israel

This week, we once again witnessed how the lies of Hamas helped to fuel a campaign of hatred against Israel that reach global proportions. The world needs little excuse to become...