The Palestinian Authority issued its first set of five-year corporate bonds on Tuesday. The bonds, issued by the Palestinian Development and Investment Company, (PADICO) totaled $70 million, according to a report by The Associated Press . PADICO, which invests in real estate, energy, pharmaceuticals, electronics, communications and tourism, is the largest firm in the PA. According to PADICO chief executive Samir Hulileh, the funds raised with the bonds will be used to build a $300 million power plant, and an entertainment and tourism center. The bonds were purchased by banks in Jordan and the Palestinian Authority, Hulileh said. “The Palestinian Authority is determined to build the foundations of an independent state,” PA Prime Minister Salam Fayyad, a U.S.-educated economist, told the AP . However, the Ramallah-based Fatah-faction's decision to form a unity government with the Gaza-based Hamas terrorist organization may put a kink in those plans. The Quartet of peacekeeping nations, comprised of the EU, the U.N., Russia and the U.S., has conditioned funding to any PA government on its willingness to recognize Israel's right to exist, renounce violence and to uphold all agreements signed by previous PA governments. The founding charter and mission statement of Hamas states as its primary goal the destruction of the State of Israel. The terrorist organization has also repeatedly reiterated its unwillingness to comply with the Quartet conditions – most recently just prior to signing its unity agreement with Fatah. The formation of the new PA unity government is reportedly expected to take place some time within the next 10 days.
