The European Bank for Reconstruction and Development (EBRD) is contributing to the strengthening of the Palestinian economy with a US$ 10 million loan to, one of the local banks in the West Bank and Gaza.
The EBRD financing will be extended to Palestinian micro, small and medium-sized enterprises and corporates to provide much-needed liquidity in order to overcome the economic impact of the coronavirus pandemic.
The funds will also strengthen the resilience of the Palestinian financial sector.
The local Bank that got the loan of US$ 10 million is the second-largest local bank and the third-largest bank in the West Bank and Gaza. It focuses on banking operations and provides lending to retail, corporates, small and medium-sized enterprises, and the public sector.
The EBRD started investing in the West Bank and Gaza in 2017. To date, six projects have been signed for a total amount of US$ 22.0 million.