Israel ͵羺
A three-way alliance will invest in major projects across a wide geographical area. Image Credit: AP

Tel Aviv: The ͵羺, Israel and the US will set up a joint $3 billion investment fund headquartered in Jerusalem as part of efforts to normalize relations and promote regional economic development. The fund was announced during a first official visit to Israel by a ͵羺 delegation, following a formal agreement on normalizing ties last month.

It will invest in projects in the Middle East and North Africa. The venture will focus on areas including infrastructure, energy security, agricultural productivity and clean water access, according to a statement from the US Embassy in Israel. The statement added the venture would mobilize "private sector-led investment".

Adam Boehler, chief executive for the US International Development Finance Corp., said the fund was already making progress on two deals: An energy bridge connecting the Israeli cities of Ashkelon and Eilat, and a programme modernizing Palestinian and Jordanian checkpoints.