Oct. 20 (UPI) -- The United States, Israel and the United Arab Emirates announced a $3 billion development fund Tuesday to promote economic cooperation and investment in the Middle East and northern Africa.
The Abraham Fund, named for the U.S.-brokered normalization deal between Israel and the UAE, will be based in Jerusalem.
"The fund will enable its members to launch people-focused investments, providing opportunity and hope for the region and its youth by enabling them to build a future that serves them and their communities," The U.S. Embassy in Israel said in a statement.
"This initiative will create the foundation for stronger regional cooperation."
U.S. officials said the fund will address regional trade, strategic infrastructure projects, energy security, agricultural productivity and clean water.
"The Abraham Fund we are launching today will be an essential tool in the realization of the vision of our leaders to enhance regional cooperation," said Ronen Peretz, director-general of Netanyahu's office.
Mnuchin said security and economic prosperity are connected.
"These ties create a tremendous foundation for economic growth, opportunity, innovation and prosperity," he said. "With greater economic prosperity comes stronger security."