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EU, EIB earmark EUR 60 m to support economic recovery in Gaza
The European Union and the European Investment Bank (EIB) announced EUR 60 million business investment in Gaza helping with its economic recovery and reconstruction efforts.
The new scheme designed to sustain employment and reinforce economic resilience was announced during a visit to Gaza by multiple European Union Ambassadors.
New investment by companies across Gaza will be supported by $ 50 million of new business financing, made available to local financial institutions by the Palestine Monetary Authority, under a broader EIB lending initiative covering the West Bank and Gaza.
This will be accompanied by EUR 8 million of portfolio guarantees and EUR 5 million of incentive grants by the European Union, that will both enable more entrepreneurs and smaller companies in Gaza to access finance and strengthen lending activities by local financial institutions and to enhance business investment and financial capabilities of local businesses.
The financing will be channeled through Palestine’s flagship economic recovery program called ‘Estidama’ by the Palestine Monetary Authority. The PMA has been instrumental in promoting sustainable economic development through this fund and with the current support of the EU and the EIB will substantially expand its activities in Gaza.
“Improving access to finance by entrepreneurs and businesses here in Gaza is crucial to create jobs, strengthen economic resilience and increase private sector investment. The new cooperation between the Palestine Monetary Authority, the European Investment Bank and the European Union will transform investment, unlock dedicated financing for young entrepreneurs and help local companies to harness new business opportunities. It is an honor for myself and Gaza business leaders to welcome Vice President Vigliotti, European Union Representative Sven Kühn von Burgsdorff and European Union Ambassadors to Gaza.” said PMA representative Dr. Rafat Al Araj.
“The European Investment Bank, the EU Bank, is committed to supporting private sector investment here in Gaza, improving access to finance by entrepreneurs by backing new credit lines with local banks and unlocking investment to enhance economic resilience. Businesses and entrepreneurs in Gaza will benefit from $ 50 million new financing and a dedicated EUR 13 million support package under the Palestine Financial Sustainability Program. This represents the first dedicated European Investment Bank support for Gaza business investment.” said Gelsomina Vigliotti, Vice President of the European Investment Bank.
“Gaza has been through difficult times recently, experiencing the economic fall-out of COVID, the hostilities in May last year and rapidly increasing food, energy prices now. The initiative we present today will support economic recovery and reconstruction efforts across the Gaza Strip. It will help expand much needed financing for investments by Gazan businesses and create job opportunities for its people. I underline though that the sustainability of Gazan recovery is not only an economic endeavor, it must be backed by an accompanying political process and dialogue.” said Sven Kühn von Burgsdorff, European Union Representative.
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