Kerry unveils $4bn plan to revitalize Palestinian economy

PanARMENIAN.Net - U.S. Secretary of State John Kerry unveiled on Sunday, May 26, a $4 billion plan to revitalize the Palestinian economy, as he called on Israelis and Palestinians to forgive past wrongs and return to the negotiating table, The Jerusalem Post reported.

“The plan for the Palestinian economy is bigger and bolder and more ambitious than anything proposed since Oslo more than 20 years ago,” said Kerry as he spoke at the closing session of the World Economic Forum by the Dead Sea in Jordan.

This economic plan is achievable and has the support of Abbas and Prime Minister Benjamin Netanyahu, Kerry said.

Quartet special envoy Tony Blair will head the initiative, with the help of the international business community.

According to Kerry, it will focus on developing the Palestinian private economy, a key ingredient for economic independence.

If actualized, he said, it could increase the Palestinian GDP by 50 percent over three years and cut unemployment by two-thirds, to 8% down from 21%. It would also benefit the economies of Israel and Jordan, Kerry said.

“The effects could echo throughout the region and could be used as an international model for applying investment to make change,” he said. “Investment in business, as well as in peace, could totally change life on the ground for this area.”