ord an ▁border . ▁It ▁has ▁received ▁the ▁personal ▁attention ▁and ▁support ▁of ▁Sh imon ▁Per es , ▁President ▁of ▁Israel . ▁The ▁initi ative ▁involves ▁on going ▁joint ▁efforts ▁by ▁regional ▁leaders ▁to ▁launch ▁joint ▁new ▁industrial ▁and ▁economic ▁projects , ▁which ▁will ▁create ▁new ▁local ▁business es ▁and ▁job ▁growth , ▁and ▁promote ▁on going ▁co operation . ▁ ▁The ▁idea ▁for ▁this ▁project ▁began ▁in ▁ 2 0 0 5 , ▁when ▁Israel , ▁Jordan ▁and ▁the ▁Palest in ian ▁Author ity ▁asked ▁the ▁World ▁Bank ▁to ▁analyze ▁the ▁feas ibility ▁of ▁this ▁idea . ▁ ▁The ▁formal ▁proposal ▁for ▁the ▁Valley ▁of ▁Peace ▁initi ative ▁began ▁with ▁a ▁joint ▁proposal ▁in ▁ 2 0 0 8 ▁to ▁build ▁a ▁canal ▁between ▁the ▁Red ▁and ▁Dead ▁Se as , ▁des alin ating ▁the ▁water , ▁producing ▁hydro elect ric ▁power ▁and ▁yield ing ▁prof its , ▁clean ▁water , ▁jobs ▁and ▁potentially ▁un pre ced ented ▁regional ▁co operation . ▁The ▁study ▁concluded ▁in ▁ 2 0 1 3 , ▁and ▁an ▁agreement ▁was ▁signed ▁in ▁ 2 0 1 3 ▁by ▁Israel , ▁Jordan , ▁and ▁the ▁Palest in ian ▁Author ity ▁to ▁move ▁ahead ▁with ▁the ▁plan . ▁ ▁In ▁February ▁ 2 0 1 5 , ▁Israel ▁and ▁Jordan ▁signed ▁an ▁agreement ▁to ▁exchange ▁water ▁and ▁joint ly ▁convey ▁Red ▁Sea ▁br ine ▁to ▁the ▁shr inking ▁Dead ▁Sea . ▁The ▁agreement ▁was ▁reported ▁to ▁be ▁worth ▁about ▁$ 8 0 0 ▁million . ▁It ▁was ▁the