Kerry says plan is emerging to boost Palestinian economy

Speaking at the World Economic Forum in Jordan Sunday, US Secretary of State John Kerry said he and former British Prime Minister Tony Blair are making progress on a plan to develop an independent Palestinian economy.

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While he offered few specific details on the plan, Kerry said the initiative would be "bigger, bolder and more ambitious" than anything since the Oslo accords, according to the Guardian.

Kerry and Blair are working with a group of global business leaders to craft the plan to increase business activity in Palestine.

The plan is expected to expand employment in tourism, construction, light manufacturing, agriculture and communications, the Associated Press reported.

Currently, 40 percent of the Palestinian economy comes from donor aid, the Guardian reported.

Kerry said parallel progress in the peace process between Israel and the Palestinians, including restarting peace talks, is required for the economic plan to work.