John Kerry touts $4B investment to boost Palestinian economy

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U.S. Secretary of State John Kerry unveiled on Sunday what he called a “ground-shaking” plan to bolster the Palestinian economy with a $4 billion infusion of private investment.

Mr. Kerry said the plan centered on drawing tourism to the West Bank, as well as enticing companies to build and locate businesses like information technology in the region, The Times of India reported. Business heads around the world are being tapped to lead the venture, Mr. Kerry said.

The idea is to drum up “some $4 billion of investment” with potential to “increase the Palestinian GDP by as much as 50 percent over three years,” Mr. Kerry said, at the World Economic Forum in Jordan, The Times reported.

“The most optimistic estimates foresee enough new jobs to cut unemployment by two-thirds to 8 percent down from 21 percent and to increase the media wage by 40 percent,” Mr. Kerry said, The Times reported.

The plan details are still sketchy, but estimates are that 100,000 jobs in residential construction could be created in just the next three years — and the number of tourists to the area could triple in the same time frame, The Times reported.

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