MANAMA: Saudi Arabia's Finance Minister Mohammed Al-Jadaan said Wednesday the Kingdom will support whatever economic plan will bring prosperity to the Palestinians.
Speaking on the second day of an international conference on a US initiative to improve the economic plight of Gaza and the West Bank, Al-Jadaan said he was “very, very optimistic” about the plan.
“The region is in desperate need of prosperity and hope and we and our colleagues share the view that whatever brings prosperity to this region, we will support it,” he said, alongside US Treasury Secretary, Steven Mnuchin and the Bahraini and Emirati finance ministers.
“We have been a great supporter of Palestine for decades … so its not something we are going to shy away from and we will continue supporting the Palestinians,” Al-Jadaan added.
The initiative was outlined by Donald Trump's senior advisor and son-in-law Jared Kushner on Tuesday as the conference in Bahrain got under way. The $50 billion economic formula would see investment in infrastructure, tourism and education.
Palestinian leaders have accused the plan of legitimising Israel’s occupation of their territory and for being secondary to a political resolution to the conflict. But on the second day of the conference, both Arab and western political leaders, ministers and business chiefs discussed what needed to be done to make the plan work.
Al-Jadaan said the plan was a “great opportunity” and that there was a “significant international commitment” to support the people of Palestine to bring prosperity and opportunities.
“You need political commitment, you need clear transparency, you need predictability for the private sector to join, you need the rule of law … and you want to make sure that there is proper governance in place,” he said.
The UAE’s Minister of State for Financial Affairs Obaid Humaid Al-Tayer said "we should give this initiative a chance."
Earlier, Jared Kushner discussed the initiative with the former British prime minister Tony Blair, who insisted there still must be a two-state solution to the conflict. The White House has not said it backs the principle, and the political element of its plan has not yet been revealed.
"It's absolutely foolish to believe you can have economics without sound politics, but it's likewise completely futile to think politics will work without economics buttressing it," Blair told the gathering.
The foreign minister of Bahrain also reiterated the need for a two-state solution but said the plan was an "opportunity not to be missed".
"I think if we take this matter seriously it could be a very important game-changer," Sheikh Khalid bin Ahmed Al-Khalifa said.
In an earlier panel, Arab News Editor-in-Chief Faisal J. Abbas said the initiative “will definitely require a lot of work but it is definitely achievable.”
Bahrain’s Labor Market CEO Osama Al-Absi, told the panel, entitled Empowering the People, “we must look at how post-war economies were built” in order to make the plan work.
International Monetary Fund managing director, Christine Lagarde, said generating economic growth in conflict-riven countries can be a struggle.
The IMF puts unemployment at 30 percent in the West Bank and 50 percent in Gaza, which has suffered years of Israeli and Egyptian blockades and recent foreign aid cuts and sanctions by the Palestinian Authority, Hamas' rival in the Israeli-occupied West bank.
"Gaza right now is feeling a lot of pain because of bad leadership and the sanctions that have been imposed on them because of it," Kushner said. "So the question that (Hamas)leadership has to ask themselves is...do they hate their neighbour in Israel more than they love their citizens and their people?"
The 179 proposed infrastructure and business projects in the plan include a $5 billion transportation corridor to connect the West Bank and Gaza, which has been floated before and stalled for lack of underlying political or security agreements.
Palestinian businessman Ashraf Jabari, chairman of the Palestinian Business Network, told the gathering it is difficult to build an economy with a "siege and unstable situation".
"Frankly, we demand an independent Palestinian state on the territories occupied by Israel in 1967," said the businessman from Hebron who has co-founded a trade group to boost business between Palestinians and Israeli settlers."