▁ ▁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 ▁result ▁of ▁a ▁memor and um ▁of ▁understanding ▁signed ▁among ▁Isra eli , ▁Jordan ian ▁and ▁Palest in ian ▁officials ▁on ▁December ▁ 9 , ▁ 2 0 1 3 , ▁in ▁Washington . ▁Under ▁this ▁agreement , ▁Jordan ▁and ▁Israel ▁will ▁share ▁the ▁pot able ▁water ▁produced ▁by ▁a ▁future ▁des al ination ▁plant ▁in ▁A q aba , ▁while ▁a ▁pipeline ▁will ▁supply ▁salt water ▁to ▁the ▁Dead ▁Sea . ▁ ▁In ▁December ▁ 2 0 1 5 , ▁Israel ▁and ▁Jordan ▁formally ▁released ▁the ▁technical ▁plans ▁to ▁move ▁ahead ▁with ▁this ▁project . ▁