Britain seeks to boost Palestinian infrastructure
Reuters
Date: 09-26-05
LONDON (Reuters) - British finance minister Gordon Brown said on Monday he would visit the Middle East next month to look at ways to rebuild Palestinian infrastructure in an effort to help peacemaking between Israelis and Palestinians.
Tackling poverty and unemployment in Palestinian areas would help bring stability to the region, Brown said in an interview with the Guardian newspaper.
Brown, widely seen as the most likely successor to British Prime Minister Tony Blair, said he had held talks with the European Investment Bank and the World Bank to identify possible investment in infrastructure projects.
"I have talked to the Israeli finance ministry and I hope we can make a contribution that will recognize that a strong and fair economy can lower the amount of violence and underpin development," said Brown.
"In the Palestinian Authority area unemployment is 30 percent and maybe more. The area needs to grow by 10 percent a year for many years if we are going to tackle unemployment and poverty."
Gaza's unemployment and poverty rates exceed 50 percent with many of the 1.4 million Palestinians living on $2 or less a day.
The poor state of the economy presents a challenge to the Palestinian Authority after the Israeli pullout of troops and settlers was completed earlier this month.
Brown has already outlined proposals for the European Commission and European Investment Bank to offer guarantee loans to investors putting money into start-up firms in the region.
The Palestinian Authority's Economy Minister, Mazen Sonnoqrot, has said he hopes to attract $1.5-$2 billion in private investment annually for the first three years after Israel's pullout from Gaza.
As part of economic reforms, the Palestinian Authority plans from 2006 to privatize all government-owned enterprises such as Gaza airport, the national cement and oil companies and a planned Mediterranean port, and to invite foreign bids.
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