In a new blow to the UAE and the plans of Abu Dhabi Crown Prince Mohammed bin Zayed in the region, a Hebrew newspaper revealed that the “Abraham Fund”, established to support the process of normalization between Israel and the countries of the Middle East, is facing the risk of bankruptcy.
And that is after the departure of the administration of former US President Donald Trump, and the rise of Joe Biden to power, according to the newspaper, “The Times of Israel“.
It is noteworthy that with the end of the reign of former US President Donald Trump, the UAE, Bahrain, Sudan and Morocco signed. Agreements to normalize relations with Israel under American auspices.
Trump promised these countries and others to invest and pump money into economic projects, and to establish agreements with them in various political fields. Economic, and military.
Among the temptations put by Trump and his son-in-law Jared Kushner to encourage some of these countries to establish relations with Israel is what he knows. With the “Normalization Support Fund” or “Abraham Fund” with a value of 3 billion dollars.
This is to support initiatives related to development in the private sector with these countries and other countries in the region.
But with Joe Biden coming to power and Trump leaving the White House, it appears that the Fund for Normalization Support has disappeared, and with it the promised billions.
According to the report of the Hebrew newspaper, the future of the fund is facing uncertainty with the arrival of “Biden” to the verdict.
Likewise, the resignation of his boss, Arieh Lightstone, whom Trump had appointed to manage the $ 3 billion fund.
Subsequently, Adam Buhler resigned from the position of President of the US International Development Finance Corporation (DFC) that was established. “Abraham’s chest” as her arm.
The Biden administration has not yet announced the appointment of a replacement for them or a candidate for the position The American ambassador Israel has a successor to David Friedman, who left office. Last January.
Israeli officials suggested to the newspaper that the Biden administration would aim to reduce US investments in the Middle East.
In this context, the head of the foreign trade department at the Israeli Manufacturers Association, Dan Katrivas, said that there is no transparency about the fund’s priorities and what it will invest in.
He added that there is also no transparency about how the fund is operated, and how the funds will be invested.
The goal of the Abraham Fund
And when the fund was announced, according to a report byArab PostIt was arranged as an arm of the US International Development Finance Corporation. Or DFC, the US government’s development bank, which was created in 2019, by bringing together the Private Investment Corporation. Overseas and Development Trust of the United States Agency for International Development.
This fund, which has allocated more than 3 billion dollars to support it, as a start, aims to “implement investments in various development fields. With a view to enhancing regional economic cooperation and prosperity in the Middle East and beyond.
Israel, the United Arab Emirates and America have promoted a “normalization support fund”, worth 3 billion dollars, to support initiatives related to development in the region. (Emirati and Israeli officials discuss cooperation agreements in Abu Dhabi, August, 2020) / GPO
The UAE, Israel and the United States promoted that “the fund promotes regional trade and enables strategic infrastructure projects. It increases energy security by providing reliable access to affordable electricity to the countries of the region.
Has the Biden administration decided to end the project put forth by Trump?
On the other hand, the Israeli Prime Minister’s Office refused to comment on the matter to the Israeli newspaper.
But Israeli officials, who spoke on condition of anonymity, said, “They have a feeling that the new administration is in the United States. Reducing investments in the region, ”one official said.“ They don’t have the funds for that. ”
According to Israeli sources familiar with the situation, “The failure to announce new names to take over the vacant positions to manage the fund reflects. Perhaps Washington is heading away from the Middle East, and the lack of enthusiasm about taking the baton of leadership of the Abraham Fund. ”
Officials at DFC, which has continued to operate under the direction of acting CEO Dave Jagadisan, did not answer many inquiries. Related to details of the 15 projects that have been submitted to the Abraham Fund for approval.
The project has disappeared and billions have evaporated
It is noteworthy that, until now, there is no website for the Abraham Fund, and the website for the DFC, which lists active projects. It publishes quarterly reports, containing only official figures until the end of June. The Fiscal Year 2021 budget proposal, which is usually submitted in the spring of the previous year, does not include the Abraham Fund.
In the end, it seems that all Trump’s promises about the “Normalization Support Fund” or “Abraham Fund” that money poured into the region have dried up.
Meanwhile, the Arab countries that signed the normalization agreements with Israel are confused, and have returned with “hidden nostalgia.”
And this after it continued to justify to its Prime Time Zone its move with the economic returns and benefits that would be achieved through establishing relations with Israel.
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