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“THE MIDDLE EAST AND NORTH AFRICA BANK FOR ECONOMIC COOPERATION AND DEVELOPMENT (MENA BANK)” mentioning the U.S. Dept of State was published in the Extensions of Remarks section on pages E268-E269 on March 3, 1998.
The publication is reproduced in full below:
THE MIDDLE EAST AND NORTH AFRICA BANK FOR ECONOMIC COOPERATION AND
DEVELOPMENT (MENA BANK)
______
HON. LEE H. HAMILTON
of indiana
in the house of representatives
Tuesday, March 3, 1998
Mr. HAMILTON. Mr. Speaker, I am concerned that efforts at regional economic integration, an important part of the Middle East peace process, have fallen by the wayside. The Middle East and North Africa Bank for Economic Cooperation and Development (MENA Bank) is an important U.S.-sponsored initiative to foster regional economic integration, and that Bank has yet to begin operations. A key part of the problem is that the United States has yet to provide funding to capitalize that Bank, and so other Members of the Bank have also been reluctant to provide funding. On December 23, 1997 I wrote to Secretary Albright concerning United States support and funding for the MENA Bank, and on February 4, 1998 I received a reply. The text of the correspondence follows:
House of Representatives, Committee on International
Relations
Washington, DC, December 23, 1997.Hon. Madeleine K. Albright,Secretary of State, Department of State, Washington, DC.
Dear Madeleine: I write to state my strong support for U.S. funding for the Bank for Economic Cooperation and Development in the Middle East and North Africa (MENABANK).
It is a source of concern to me that Congress so far has failed to provide for the U.S. share of MENABANK capital contributions. As a result, it has been difficult for the United States to provide the needed leadership to make the bank a reality, and this entire effort to enhance and backstop the peace process has floundered. Unfortunately, little progress has been made over the past two years toward establishment of the MENABANK, and it is still far away from beginning operations.
I am convinced that this Bank can fulfill a very important role in support of the Middle East peace process. Its intended emphasis on privatization and regional cooperation is exactly the focus needed to promote peace and economic growth to bolster the peace process.
It is my understanding that some in Congress are reluctant to provide funds for this initiative, in addition to funds otherwise available for the Middle East. As you put together the Fiscal Year 1999 budget request, I would urge you to give priority to the MENABANK, even if it is at the expense of other Middle East priorities in the International Affairs budget account.
At a time when some key aspects of the Middle East peace process are so troubled, I believe it is especially important to the U.S. national interest to foster regional economic progress, and to foster hope. The MENABANK can do both. I want to be helpful to you in any way I can in support of U.S. funding and the Bank's early establishment.
With best regards,
Sincerely,
Lee H. Hamilton,Ranking Democratic Member.
____
U.S. Department of State,
Washington, DC.
Dear Mr. Hamilton: Thank you for your letter of December 23, 1997, to Secretary Albright concerning United States funding for the Bank for Economic Cooperation and Development in the Middle East and North Africa (MENABank). We appreciate your support and that of others on the Hill for this important peace process institution.
The Administration shares your view that the MENABank will play a seminal role in building stability in the Middle East through facilitating stronger regional economic ties. As you know, the MENABank is a product of an historic joint proposal made in October 1994 by the four core parties to the peace process: Egypt, Israel, Jordan, and the Palestinians. In cooperation with the regional parties, the United States has spearheaded the effort to bring the Bank into being.
Perhaps the best ongoing example of our commitment is our support of the multinational transition team in Cairo, headed by former United States Ambassador David Dunford, which is charged with setting up the Bank's structure. Already, the team, which includes professional staff members from Israel, Egypt, the United States, Japan Italy, the Netherlands, and Canada, has developed a set of draft financial and operational plans and an illustrative list of projects, which should enable the Bank to be launched promptly once two-thirds of its initial capital is committed by its members.
The Middle East currently receives only one percent of global foreign direct investment. The region will need investment of approximately $500 billion over the next ten years to stimulate sustainable economic growth. The Bank's focus on projects with a regional character and the ability to use its $5 billion capital base to leverage significantly greater flows of private resources is crucial in ensuring the growth needed in the region. Only with such growth can we hope to realize and sustain a more stable and prosperous Middle East. In addition, the Bank will help ensure that qualified individuals, often trained in the United States, will remain in the region and contribute to its growth.
We look forward to working closely with you and your staff in our continuing efforts to gather support for the MENABank. Thank you again for your help with this critical initiative.
Sincerely,
Barbara Larkin,
Assistant Secretary, Legislative Affairs.
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