The United States of America and Israel announced the establishment of the Abraham Fund. Proclamation pertaining to the fund comes as fulfilment of the commitment made through signing of historic Abraham accord on 15th September.
Abraham fund is a collective venture, in which the United States, Israel, International Development Finance Corporation and the United Arab Emirates will mobilize more than $3 billion dollars to private-led investment and development initiatives. It is intended at promoting regional economic corporation and prosperity in the Middle East, a statement released by United Arab Emirates' Ministry of Foreign Affairs and International Cooperation reads. Along with that, the partners urged other countries to join the venture.
Ahmad Al Sayed, Minister of state for UAE, claimed that the fund reflects the desire of the three countries to put the wellbeing of people at top priority.
The pact comes amid the progressive movements made by Israel and UAE as part of the normalisation of relations. Earlier on Monday, the maiden commercial passenger flight from UAE had landed at Israel's Ben-Gurion Airport.