New initiative mandated by Congress to focus DFC investments to promote economic growth among Palestinian-owned businesses and economic cooperation between Israelis and Palestinians
WASHINGTON – U.S. International Development Finance Corporation (DFC) today announced the launch of the Joint Investment for Peace Initiative, a new program that will increase cooperation between Israelis and Palestinians by promoting investments and financial tools that advance the development of the Palestinian private sector economy. Investments will focus on increasing investment in small- and medium-sized enterprises owned by Palestinians in high value-added or emerging industries like technology and agriculture.
“Inclusive economic growth fosters opportunity, prosperity, and hope – which can help create the conditions for peace,” said DFC’s Vice President for External Affairs and Head of Global Gender Equity Initiatives Algene Sajery. “DFC is proud to be implementing the Joint Investment for Peace Initiative that Congress created to bring much-needed development to the region and promote peace for the Palestinian and Israeli people.”
The Joint Investment for Peace Initiative is one of two programs created by the Middle East Partnership for Peace Act (MEPPA) of 2020. MEPPA authorized $250 million for DFC and the U.S. Agency for International Development (USAID) to implement both programs over the next five years. Under MEPPA, the Joint Investment for Peace Initiative aims to attract private investment that promotes Palestinian economic development; increase economic cooperation between Palestinians and Israelis and between Palestinians and Americans; and contribute to greater integration of the Palestinian economy into the international rules-based business system.
The Joint Investment for Peace Initiative is an important step in implementing MEPPA. USAID will launch the People-to-People Partnership for Peace Fund, a second program authorized under the Act, later in 2021. DFC looks forward to continuing to implement MEPPA alongside USAID and the Department of State, and in consultation with Congress. To learn if your private sector project may be eligible for DFC financing under the Joint Investment for Peace Initiative, please see our eligibility page or contact investmentforpeace@dfc.gov.
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U.S. International Development Finance Corporation (DFC) is America’s development bank. DFC partners with the private sector to finance solutions to the most critical challenges facing the developing world today. We invest across sectors including energy, healthcare, critical infrastructure, and technology. DFC also provides financing for small businesses and women entrepreneurs in order to create jobs in emerging markets. DFC investments adhere to high standards and respect the environment, human rights, and worker rights.