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2007 Programs and Events

Senior U.S. and Palestinian Officials Launch  $228 million Middle East Investment Initiative business loan program

July 2007

The agreement to to launch the loan guarantee fund was signed by Overseas Private Investment Corporation (OPIC) President and CEO Robert Mosbacher Jr., Aspen Institute Middle East Strategy Group Chairman Berl Bernhard and Chairman Mohammad Mustapha of the Palestine Investment Fund.  Palestinian President Abbas and Prime Minister Fayyad thanked the contributing donors for making this project a reality. 

In her remarks, U.S. Under Secretary for Public Diplomacy and Public Affairs Hughes emphasized that, “The United States is committed to strengthening the Palestinian economy and creating jobs for the Palestinian people as an important step toward a peaceful and independent Palestinian state.  This initative to provide low cost loans to small and medium sized businesses is part of an expanded effort by President Bush to provide assistance to the Palestinian people, and shows his confidence in the Palestinian Government of President Abbas and Prime Minister Fayyad.”

This Middle East Investment Initiative (MEII) loan fund has been a close collaboration between the U.S. Governmental organization OPIC, the Palestine Investment Fund and the Aspen Institute for over two years.  The Aspen Institute is an American non-governmental organization whose membership includes prominent American, Palestinian and Israeli business leaders and policy makers. Aspen’s Middle East Strategy Group has raised funds from American, European, and Arab donors to operate and manage the initiative while the Norwegian government will provide an additional $5 million for operating costs.  

President Bush first announced his approval for MEII during a speech on July 16, when he reiterated American support for the Palestinian people and outlined an overall 2007 U.S government assistance to the Palestinian people that includes $144 million in assistance to UNRWA,  $190 million for basic human needs, food aid, and democracy, civil society and private sector development, and $80 million to help reform the legitimate security services of the Palestinian Authority.