$1 billion Palestinian fund for rebuilding Gaza

Saleh Naami , Thursday 26 May 2011

Plans are moving ahead for the rebuilding of Gaza following Palestinian reconciliation, with a $1 billion fund earmarked for the effort

The president of the Palestine Investment Fund (PIF), Muhammad Mustafa, announced Thursday the establishment of a $1 billion investment fund for the reconstruction of the Gaza Strip.

Mustafa said in a meeting with a group of businessmen in Gaza that rebuilding Gaza should top the upcoming unity government’s list of priorities.

“Our plan is to start with $200 million from the PIF budget and try to get the rest of the money through donations from the international community and foreign investors,” Mostafa said.

Mustafa is considered President Mahmoud Abbas's candidate for post of prime minister in the new Palestinian unity government that will be formed in the coming weeks.

"The goal is to start building Gaza's economy as part of a state economy based on self-reliance," Mustafa said.

Mustafa said also Gaza needs a new airport, harbour, water desalination plants and the expansion of its electricity station to reach every home in Gaza. "Palestinian strength depends on the unity of its people, an asset more valuable than investment capital," said

Mustafa added that the new unity government should urge the international community to fulfil its promises in giving $5 billion to rebuild Gaza as announced in the Sharm El-Sheikh conference in 2009.



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