The peace fund established by Yitzhak Rabin and Shimon Peres is voluntarily liquidating its assets. The fund is folding at a point where the Israeli-Palestinian peace process seems to be thoroughly stymied.
It was set up as a non-profit organization to encourage initiatives to promote the Middle East peace process through financial incentives. Even reports of renewed talks with Syria could not keep the fund alive.
Rabin and Peres decided to set up the fund after they received the million dollar Nobel Peace Prize along with Yasser Arafat. They contributed their share of nearly $667,000.
Ahaz Ben Ari, the legal adviser in the Prime Minister's Office at the time, set up the fund, which handed out financial prizes for contributions to promoting peace. The first prize of $75 million was awarded to former United States president Bill Clinton.
The non-profit voted to shut itself down at a conference in February.
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