Doha -- Secretary of Commerce William Daley said November 17 that the signing of a protocol for a new $60 million equity fund that will invest in the Gaza, West Bank and Jordan, backed by the Overseas Private Investment Corporation (OPIC), "demonstrates the commitment of the United States to furthering the cause of peace in the region (and) will also directly lead to expanded commercial cooperation between American firms throughout the West Bank, Gaza and Jordan."

Following is the transcript of remarks at the signing ceremony:

(Begin transcript)

JULIE MARTIN: Good afternoon and thank you for coming. My name is Julie Martin and I'm a vice president of the Overseas Private Investment Corporation. It is my great honor, on behalf of the President and CEO of the Overseas Private Investment Corporation, George Munoz, to introduce the signing today.

The signing of this protocol marks an important milestone in OPIC support of this new fund for the Middle East. Undersecretary Eizenstat of the State Department, who is a member of OPIC's board and has been working on this project for more than a year, has participation along with that of Secretary of Commerce Daley in this event, which signals an Administration-wide commitment to furthering the cause of Middle East peace by promoting and supporting American private investment in the region.

It is now with great pleasure and honor that I will introduce the United States Secretary of Commerce, the Honorable William Daley, who will then be followed by Undersecretary of State Mr. Stuart Eizenstat and Mr. Hani Masri, Chairman of the Capital Investment Management Corporation, who will each make a few comments about this event today. Thank you.

Mr. Secretary?

SECRETARY DALEY: Thank you, Julie. I'd like to welcome everyone here today to witness these two important announcements that will underscore the enormous success of this conference. We have witnessed in the last two days the private sector interest -- and also the private sector participation -- in the tremendous opportunities which exist in the region have been remarkable and steadfast.

I also note that regardless of politics, business is booming, and this can only have a very positive effect for building an economic infrastructure for overall, long-lasting peace. Let us take away from this conference the fact that we have all witnessed cooperation in the face of some difficult circumstances.

The first agreement is a signing of a protocol for a new $60 million equity fund that will invest in the Gaza, West Bank and Jordan. The fund backed by, as mentioned by Julie, the Overseas Private Investment Corporation, demonstrates the commitment of the United States to furthering the cause of peace in the region. It will also directly lead to expanded commercial cooperation between American firms throughout the West Bank, Gaza and Jordan.

As Commerce Secretary, I know that many of these companies have been and are interested in pursuing trade and also investment opportunities throughout the Middle East. The fund will serve an important role in helping our companies gain the financing which is necessary in order to develop commercial ties with business counterparts in the West Bank, Gaza and also Jordan. At the same time, it will also help lay the economic foundation for lasting peace in the region by facilitating private investment. This is obviously important in Gaza and the West Bank.

One of President Clinton's main goals since the declaration of principles was signed in September of 1993 is to encourage the rapid expansion of private investment in this area. This is good for the Palestinians and for Jordan. But it is also good for U.S. companies and for the American people.

Again, it is my pleasure to be here. Now it is an honor to turn over this microphone to the Undersecretary of State who is also member of the board of OPIC, Stuart Eizenstat.

UNDERSECRETARY EIZENSTAT: Thank you very much, Mr. Secretary. This is an important and exciting day for the United States, Jordan and for the Palestinians. It shows our strong commitment to peace and economic progress. I'm very pleased today to act in my capacity as a member of the governing board of the United States Overseas Private Investment Corporation by signing this protocol for a new fund that will channel $60 million of new investment into the West Bank, Gaza and Jordan.

The new fund will make equity investments in a diverse portfolio of projects, including both service and manufacturing companies. A specific fund objective of this is to support Palestinian-Israeli joint ventures. Sixty percent of fund investments will be in the West Bank and Gaza and 40 percent will be in Jordan.

This fund comes at a critical time, especially for the West Bank and Gaza, where private investment has been in a tailspin for several years. I hope this fund will help prime the pump to reverse that trend and help the Palestinian people achieve their economic potential.

I want to thank especially OPIC President George Munoz and OPIC vice president Julie Martin -- who of course is with us today -- and their colleagues at OPIC for the hard work that made this signing possible.

I also want to thank Secretary Daley for participating in this important event. Secretary Daley's presence signals the importance that the Clinton Administration and the entire U.S. government attaches to this fund and to the economic dimension of Jordan, the West Bank and Gaza.

Last but assuredly not least, I especially want to commend Mr. Hani Masri, the chairman of Capital Management Investment Corporation. Mr. Masri is the kind of fund manager who will get results for this fund because of his own expertise and because he cares for the people of the region. As a Palestinian American, he has a particular interest in seeing that the Palestinian people experience what they have not experienced so far: The fruits of peace, so long overdue. As you can see today, Mr. Masri has already made this fund into a going concern.

This is a perfect example of what has been a centerpiece of this Administration's international economic policy, mainly private-public partnerships. OPIC has provided a two-for-one match for the generous investment which Mr. Masri has made. Mr. Masri, thank you for your contribution and for the participation, I know, of a partner from Qatar. We are very proud to be here with you.

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