The White House said in a statement on Saturday that the economic proposal, called "Peace to Prosperity", has the potential to achieve multiple results, including facilitating more than $50 billion of investment over 10 years, doubling Palestinian GDP, and creating over one million jobs, among others, reports Xinhua news agency.
The plan also aims to provide better education, essential infrastructure, and improved governance for the Palestinian people.
The release of the plan came days before the opening of a US-sponsored economic workshop to be held in Manama, Bahrain from June 25 to 26, which is expected to focus on the "economic vision" for the Palestin but not "political issues".
Palestinian President Mahmoud Abbas on Saturday reiterated his staunch rejection of the economic peace plan that the US has proposed, saying the economic situation should not be discussed before the political one.
US Middle East Envoy Jason Greenblatt reportedly said last week that the political portion of the peace plan could be delayed until November.
Abbas announced last week that Palestine would not participate in the Manama economic workshop.
The Palestinian Authority severed its political ties with the US after Trump declared Jerusalem the capital of Israel in December 2017 and moved his country's embassy to the city in May last year.
( With inputs from IANS )