The Israeli economic website Globes quoted American and Israeli sources as saying that the administration of US President Joe Biden has frozen the Abraham investment fund indefinitely, after it was established by the administration of former President Donald Trump to support the normalization process between Israel and Arab countries.
The fund was established early last October after the signing of normalization agreements between Israel and Arab countries, and within 3 months it examined hundreds of requests to fund projects in different countries, including Israel.
The fund approved more than 12 projects in the fields of energy and financial technology. According to its founding statement, the fund was to pump more than $3 billion into the private sector development investment market with the aim of enhancing economic cooperation and encouraging prosperity in the Middle East.
With the election of Joe Biden, the fund's activities were suspended, as its director, Aryeh Lightstone, who was appointed by former US President Donald Trump, resigned, and no one was appointed to succeed him by the Biden administration.
Last year, Israel signed peace agreements with the UAE, Bahrain, Morocco and Sudan, while the peace agreement with the UAE and Bahrain was known as the "Abraham Accords".