NEW YORK, Sept 16: The heads of states and business leaders attending a conference convened by the Clinton Global Initiative pledged on Thursday more than 300 million dollars for a venture capital fund to combat poverty and address religious conflicts.

Those attending the two-day Conference, on the sidelines of the UN Summit, included US Secretary of State Condoleezza Rice, British Prime Minister Tony Blair and King Abdullah of Jordan.

Among other things, Ms Rice, Mr Blair and Mr Clinton urged investment in Gaza. “There is a lot of poverty and despair” in Gaza, Ms Rice said, but also ‘new hope and opportunities because of the Israeli withdrawal’.

King Abdullah called Gaza’s economy ‘a major challenge’.

The corporate executives and leaders of non-profit groups who had been invited to attend made more than 50 commitments totalling $300 million, including a $100 million investment fund for businesses in Africa.

“The creation of an insurance program against terror attacks would greatly encourage private investment in places desperate for economic development but beleaguered by conflict, like Gaza,” former US president Bill Clinton said.

“I would just like to ask that you consider setting up some sort of insurance structure,” Mr Clinton said.

None of the panelists offered an opinion on the feasibility of terrorism insurance, but all agreed on the importance of private investment in the region to spur job creation. The opening session touched on a range of topics from energy to trade.

Discussing the growing need for energy worldwide, Ms Rice said nuclear energy would have to be considered, even with the security concerns that accompany it.