Foreign Ministry Statement on Middle East Regional Development Bank

One of the results of the Casablanca Economic Conference held in October 1994, and in anticipation of the second Middle East regional economic development conference, due to take place in Amman, in October 1995, plans were being developed with the United States and other countries for the creation of a regional development bank. A planning meeting was convened by President Clinton to be held in Washington on 15 January 1995. Foreign Ministry statement follows:

At the invitation of President Clinton, delegations from 27 countries and international organizations will convene next week in Washington to discuss the creation of a Regional Bank in the Middle East. The Israeli delegation will be headed by Foreign Ministry Director-General Uri Savir and Finance Ministry Director-General David Brodet. For the first time, the delegation will also participate in a joint Egyptian-Jordanian-Palestinian forum.

The multi-lateral sub-group dealing with finance has formulated a unanimous position - to be presented separately, as a common Middle Eastern economic interest - in support of establishing a Regional Bank for the development of the Middle East. The United States and Japan have also given their support to the plan, although a number of European states have expressed their reservations (as well as stating their preference for existing bodies such as the World Bank).

In recent years, Israel and a number of other states in the region have advocated the creation of a Regional Bank which could support cross-border, infrastructure projects - acting both within the public and private sectors. The Bank will also serve as a forum for the formulation of regional trade and investment policy.

Also convening in Washington will be the Steering Committee for the Economic Conference in Amman, planned as a follow-up to the Casablanca Conference. As well, there will be an unofficial forum of the states contributing to the Palestinians.