(CNN) The White House announced Sunday afternoon the first part of its Middle East peace proposal, what officials are calling an economic "workshop" to encourage investing capital in the West Bank, Gaza, and the region, a senior administration official tells CNN.

The workshop will take place in Manama, Bahrain, on June 25 and 26, bringing together finance ministers with global and regional business leaders. The effort is being headed by Jared Kushner, the senior White House adviser and President's son-in-law, and White House Middle East envoy Jason Greenblatt, who have spent years developing the proposal along with the much stickier political component, which officials said would be announced later in the year.

Asked for comment, Kushner told CNN in a statement that "people are letting their grandfathers' conflict destroy their children's futures. This will present an exciting, realistic and viable pathway forward that does not currently exist."

The plan will discuss four major components the senior administration official said: infrastructure, industry, empowering and investing in people, and governance reforms "to make the area as investible as possible." Kushner is said to have modeled details of the economic proposal on what has worked in Poland, Japan, Singapore, and South Korea.

The economic plan will include a "combination of grant money, low interest loans and then also private capital," a second senior administration told reporters Sunday.

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