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dio that the United States will
"participate in some manner,"
but that the funds will "pri-
marily come from others."
"The Gulf countries, coun-
tries around the world, I think,
will be interested in participat-
ing," Mr. Christopher said. 'The
United States, as usual, will do
its part, and I think we will try
to help facilitate the contribu-
tions, but this will not be pri-
marily a U.S. financial
The World Bank has recent-
ly completed a report outlining
its recommendations for $3 bil-
lion in economic aid for the ter-
ritories. The report was
commissioned last winter at the
request of the economic devel-
opment group in the multilat-
eral Middle East negotiations.
It was completed before - and
independent of- the recent po-
The report recommends that
the $3 billion be invested in the
territories over the next eight
years. Of that, $1.3 billion
would come in the first three
years, during the first phase of
the interim Palestininan self-
All funds are destined to ad-
dress basic infrastructure and
technical needs, from building
schools and hospitals to train-
"We don't address the issue
of private investment outside of
infrastructure," a World Bank
official said in an interview. He
declined to be identified. "What
we made is a private-sector as-
sessment, and what facilities it
needs to improve its condi-
tions...We don't believe it [the
private sector] is a priority.
"Government should provide
the basic physical infrastruc-
LEADING ISRAELI STOCKS
TRADED ON U.S. EXCHANGES
tion among Arab countries and
between Arab countries and Is-
rael," said the aide, speaking on
condition of anonymity.
According to Hideo Sato, the
political affairs secretary at the
Japanese Embassy in Wash-
ington, his country has not yet
made any decisions.
"We are still in the process of
considering what we can do in
this early empowerment fund,"
he said. "It mostly depends on
the Palestinians, what they
"We cannot go ahead of the
agreement. We cannot say as
outsiders what the Palestinians
should do," said Mr. Sato, who
spent eight years at the Japan-
ese Embassy in Tel Aviv. "We're
waiting for their initiative. We
know the need is there." Cur-
rently, he said, "there is no tar-
get for the amount to be raised
for this funding" by Tokyo.
The Saudis, likewise, are
awaiting specific Palestinian
proposals for aid, which the
kingdom promised at the start
of the Madrid process would be
But "to ask Saudi Arabia to
contribute to a fictitious fund or
entity doesn't make sense," said
a Washington-based Arab diplo-
mat, saying the Saudis want to
be sure that cash won't disap-
pear into "a black hole."
"The country that has to be
in the driver's seat is the Unit-
ed States," he said. "The Unit-
ed States has to say, 'We're
starting a fund, we're putting
in X; how much are you - the
Japanese, Europeans and Gulf
states - going to pay?'"
The U.S. position is still un-
clear. Secretary of State War-
ren Christopher recently told
America's National Public Ra-
Sept. 10 Sept. 17
Source: Allen °lender, Prudential Securities,
West Moo' nfield.