Middle East Peace and Development Act of 1994

[AI summary unavailable — showing source text] Middle East Peace and Development Act of 1994 - Expresses the sense of the Congress that the United States should continue to promote peace in the Middle East region by: (1) encouraging the establishment of diplomatic relations and friendly relationships among Israel, Egypt, Syria, Jordan, and other nations in the region; (2) promoting the shared development and use of human, natural, material, and technological resources of the region; and (3) supporting self-determination for the Palestinian people in the West Bank and Gaza. Requires the President to establish a Middle East Development Initiative to provide development assistance to countries in the Middle East for purposes of promoting the peace process in such region. Makes eligible for such assistance: (1) countries whose governments are engaged in bilateral or multilateral discussions or negotiations which promote the Middle East peace process; and (2) organizations located in the West Bank and Gaza that are engaged in such discussions or negotiations. Authorizes appropriations. Reduces foreign assistance for Egypt and Israel in FY 1995 through 1997 by specified amounts.…