Palestinian President Mahmoud Abbas
Photo: AP
$1B pledged at Palestinian investment meet
Conference part of international community's attempt to revive West Bank economy, make Palestinians less dependent on foreign aid
Investors and donor countries have pledged nearly $1 billion worth of programs at the start of a two-day West Bank investment conference.
The conference is part of the international community's attempt to revive the West Bank economy and make the Palestinians less dependent on foreign aid.
The West Bank had 8% growth in the past year, as Israel eased restrictions on trade and movement. However, economists say much more could be done to unleash the potential of the Palestinian economy, battered by years of conflict with Israel.
The programs announced Wednesday included a $500 million fund offering long-term loans to prospective West Bank homeowners. A $300 million plan to build West Bank power plants was also unveiled.
