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:

Iranians who oppose regime offer condolences for Sir David Amess

The Iranian resistance movement is mourning the loss of their good friend Sir David Amess who worked to bring about freedom and democracy in Iran for over thirty years and spoke out...

Israel, UK, USA, France, Italy, Germany, Greece and India join forces for ‘Blue Flag’ military exercise

Israel is hosting air force squadrons from eight countries, including the UK, in the latest joint military exercises hosted by the Jewish state. The exercise, held at Ovda...

UK seeks “better, deeper trade relations” with Israel

The UK government's International Trade Minister, Ranil Jayawardena, said the UK-Israel trade relationship was going from "strength to strength" when answering questions in parliament...

BBC refuses to acknowledge Israeli-Arab’s Paralympic gold medal

The BBC is guilty of showing shameful anti-Israel bias in its coverage of the Toyko Paralympics 2020, refusing to acknowledge an Israeli-Arab as the first Arab to win a gold...

Nazanin Zaghari-Ratcliffe loses appeal and faces possible extra year in Iranian prison

Nazanin Zaghari-Ratcliffe, the British-Iranian mother who was imprisoned on trumped-up espionage charges has lost an appeal against another term in jail.Her family said on Saturday that...