- Published on Tuesday, 15 May 2012 09:03
On Monday, 14th May, the UK Department for International Development (DFID) celebrated with its partners, the World Bank and the Ministry of National Economy, the achievements of its flagship private sector programme - the Facility for New Market Development project (FNMD).
His Excellency Prime Minister Dr. Salam Fayyad will join a small reception in Ramallah, along with around 100 Palestinian local companies and other major donors and partners. Over the past four years, the UK has assisted over 600 small and medium size companies with matching grants and technical assistance to develop new products and to enter new local and international markets. 400 of those companies are located in Gaza and 76 are either owned or managed by females.
As FNMD comes to an end this month, 170 Palestinian companies have been able to enter new local markets, another 87 companies succeeded in entering new export markets, 129 new products were developed and 3,426 permanent jobs were created in the West Bank and Gaza.
Helen Winterton the head of DFID in Jerusalem said "I am delighted with the impact that FNMD has delivered over the past four years. And I strongly believe that Palestinian companies can deliver quality products and services that can compete globally."
The FNMD programme started in April 2008 to strengthen the Palestinian private sector by sharing the financial risk associated with developing new products and entering new markets. It was mainly funded by DFID (Approx $10.5m) with support from the World Bank ($1 million).