    [Public Papers of the Presidents of the United States: William J. Clinton (1997, Book I)]
    [June 17, 1997]
    [Pages 759-760]
    [From the U.S. Government Publishing Office www.gpo.gov]

    Statement Announcing the Middle East Peace and Stability Fund
    June 17, 1997

        I am delighted to announce today the creation of the Middle East
    Peace and Stability Fund. This new U.S. fund will draw on existing
    allocations of economic assistance to respond to urgent new needs in
    that region. The fund's initial focus will be on assisting Jordan as it
    pursues economic modernization and reform.
        King Hussein has courageously led Jordan down the path of peace,
    exemplifying the wisdom and tenacity necessary to negotiate and carry
    out peace treaties. King Hussein's concern about his people and all the
    peoples of the Middle East is abundantly evident in his actions to bring
    about peace and reconciliation.
        The fund we are creating today will draw its resources from
    redirection of a small percentage of the economic support funds supplied
    to Israel and Egypt. Prime Minister Netanyahu and President Mubarak both
    recognize the strategic importance of supporting economic growth in the
    region. They share my conviction that it is extremely important for the
    people of the Middle East to see tangible benefits when they turn from
    conflict to cooperation.
        We envision a fund beginning with $100 million this year, and it is
    our intention, in close consultation with Congress, to support the
    development of the fund over the next several years. In the coming days,
    we will work closely with the Jordanian authorities to identify the best
    ways to integrate these resources into existing development plans. Over
    time, this fund will be flexible enough to be used to support other
    regional priorities as needed.
        We have had discussions with the Congress regarding this effort, and
    we will work together closely as we proceed. At a time of limited
    resources, we believe this fund is the most effective and practical way
    to respond to new needs. I will also be discussing this plan with other
    leaders at our summit in Denver next week, encouraging them to seek
    creative ways to meet the emerging needs in the Middle East.
        I look forward to meeting Crown Prince Hassan on June 18 to discuss
    this initiative as well as other developments in the region.

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