Israel has approved the creation of a $10 billion fund to support a joint effort between the United States and Israel to broker a peace deal with the Palestinians.
The funds, which were approved by the cabinet on Tuesday, will be administered by the Foreign Ministry and are part of a larger $200 billion fund designed to fund a number of initiatives.
The fund, which was to be created by the government, will cover the cost of the establishment of the Palestinian Authority and the establishment and management of an Israel-Israel Peace Institute.
The initiative will be financed by a number a Israeli government funds and will be managed by the Israeli National Bank.
The announcement comes as the U.S. Congress prepares to vote on the latest version of a bill to fund the U