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Palestine chases $US 5 billion aid at Mid East talks

Financial aid for Palestine will be discussed on Monday at the key round of Middle East peace talks in Paris. Around 70 countries will attend the donor conference and Palestine wants $US 5 billion to develop the West Bank and Gaza Strip.

The U.S. has already said it will provide $US 550 million. However the World Bank says a reform alone will not be enough without Israel removing trade and travel restrictions.

Palestine also says Israeli settlements on occupied land near Jerusalem could hamper further peace negotiations scheduled for December 23.

Last month peace talks between Israel and Palestine have been re-launched in the United States. The discussions aim to achieve an agreement on the Palestinian state.

Russia is going to play a large role in the peace process, hosting an international conference on the Israeli-Palestinian conflict in April 2008.