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“We knew at the outset that the task would be difficult. We acknowledged that publicly and privately. We knew this would be a road with many bumps— and there have been many bumps—and that continues to this day. But we are not deterred. We are, to the contrary, determined more than ever to proceed to realize the common objective, which we all share, of a Middle East that is at peace with security and prosperity for the people of Israel, for Palestinians, and for all the people in the region. We will continue our efforts in that regard, undeterred and undaunted by the difficulties, the complexities or the bumps in the road.”—George Mitchell, special envoy for Middle East peace, remarks with Prime Minister Netanyahu, September 29, 2010

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Launch of Palestinian Political Risk Insurance

Innovative Political Risk Insurance Initiative to Assist Palestinian Businesses

New York — The Center for American Progress/Middle East Progress announced during the final day of the Clinton Global Initiative (CGI) the launch of the Palestinian Political Risk Insurance project (PPRI). PPRI will provide previously unavailable political risk insurance to Palestinian businesses and local and foreign investors. By helping businesses better manage certain types of risk, PPRI seeks to encourage Palestinian economic growth through increased exports and the related increase in business transactions and jobs.

“With relatively modest seed support, we can build a Fund that will help catalyze millions more in business investment, create many badly needed jobs, and contribute toward a more stable and secure region, and world,” said John Podesta, President and CEO of Center for American Progress.

The Center for American Progress and Middle East Progress is joined by several other US, European, and Middle East partners brought together through Clinton Global Initiative on this effort, including: AIG, the Middle East Investment Initiative (MEII), Circle Financial Group, Fried Frank Harris Shriver & Jacobson LLP, DLA Piper, National Insurance Company (NIC), the Portland Trust, and Ambassador Ed Gabriel, all of whom have pledged to build and sustain PPRI. To date, PPRI partners have committed $1 million, in cash and in kind contributions. AIG has committed $250,000 to fund PPRI start-up costs, and will also provide technical assistance on political risk insurance to local Palestinian insurance partner(s), led by National Insurance Company.

“Over the course of the coming year, we will create a $30 million political risk insurance fund, with accompanying 10 year operating budget and callable capital requirements,” said Mara Rudman, Senior Fellow at Center for American Progress and adviser to Middle East Progress. “The Fund should be in a position to issue policies by next September.”

History of PPRI

The Palestinian Political Risk Insurance project began at the 2005 Clinton Global Initiative, when, uniquely charged by President Clinton, a group of business, policy, and insurance experts set out to create an insurance mechanism to help promote growth of the Palestinian economy. After two years of market research, analysis, and business planning, PPRI is ready to establish a formal entity and structure and build the risk insurance fund required to launch the entity in the region next year.

The Palestinian Political Risk Insurance Project is working with other similar efforts, such as the Middle East Investment Initiative (MEII), to create a variety of economic tools to help stimulate and increase the potential for investment in the Palestinian economy. MEII, a partnership between the Aspen Institute, the Palestinian Investment Fund (PIF), and the Overseas Private Investment Corporation (OPIC), launched a $160 million loan guarantee facility in Ramallah in July 2007. The political risk insurance and the bank loan guarantee projects both promote jobs and economic opportunity, which are critical to establishing stability and security for Palestinians, a better future for the peoples of the region, and a more secure world.

The Center for American Progress & Middle East Progress

The Center for American Progress (CAP) is a progressive think-tank dedicated to improving the lives of Americans through ideas and action. The Center for American Progress is headed by John D. Podesta, former chief of staff to President William J. Clinton and a professor at Georgetown University Center of Law. Middle East Progress, a project of Center of American Progress, helps develop and highlight practical approaches and voices to managing – and resolving – the Arab-Israeli conflict. Mara Rudman, a Senior Fellow at Center for American Progress, is the senior adviser to Middle East Progress, and served as a deputy national security adviser to President William J. Clinton.

The Clinton Global Initiative

President Clinton started the Clinton Global Initiative (CGI) in 2005. A non-partisan catalyst for action, CGI brings together a community of global leaders to devise and implement innovative solutions to some of the world’s most pressing challenges. CGI consists of approximately 1,000 members from all over the world who commit to create or support projects within one or more of CGI’s annual areas of focus. In 2007, the areas of focus are education, energy & climate change, global health, and poverty alleviation.