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First group of Palestinian detainees released by Israeli authorities under ceasefire agreement | Israel Sets the West Bank Ablaze: Military Blockades, Raids, and Settler Attacks Amid Global Silence | More than 100,000 demonstrate in London despite obstructionist UK police tactics | In violation of the ceasefire agreement, Israeli forces open fire at Gaza beach | Special Report: Pregnant in Gaza: Survival Amid War, Hunger, and a Collapsing Health System | Gaza Women Face Unimaginable Challenges Amid War and Displacement | Tower Hamlets Council Commits to Divestment from Companies Linked to Israeli War Crimes | Introducing Jafra Production’s Second Cycle of NEST - Music Incubator Program | "Amid Ceasefire, Gaza’s Women Face Unimaginable Loss and the Struggle to Rebuild Lives" | OCHA: Gaza children have been killed, starved and frozen to death | Palestinian Refugees in West Bank Camps Reaffirm Support for UNRWA Amid Israeli Threats | Presidency strongly rejects and condemns any projects or plans aimed at displacing Palestinian people from Gaza | US Senator Bernie Sanders condemns Trump's Gaza remarks as a war crime and ethnic cleansing | EU voices concern over Israeli escalating violence in West Bank | From Caves to Conflict: Masafer Yatta Residents Face Rising Settler and Military Pressure | UN chief calls for immediate evacuation of 2,500 children from Gaza for medical treatment | Trade Unions Demand Independent Inquiry into Police Handling of Pro-Palestine Protest | EU Border Mission Redeploys to Rafah Crossing to Support Ceasefire Implementation | West Bank on the Brink: International Silence Amid Worsening Israeli Aggression, Al-Ahram Weekly Report Say | Palestinian youth killed, others injured by Israeli gunfire during raid on refugee camp north of Hebron |  

EBRD and IFC Invest in Bank of Palestine to Bolster Economic Recovery

Posted On: 26-08-2024 | International , Economy , Palestinian Diaspora
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Bethlehem / PNN/

The European Bank for Reconstruction and Development (EBRD) and the International Finance Corporation (IFC) are supporting the Palestinian economy in challenging times with an equity investment in Bank of Palestine.

Under the new investment agreement, Bank of Palestine will issue additional shares, with the EBRD acquiring a stake of up to 3.92 per cent and the IFC taking a stake of up to 5 per cent through primary issuance.

The EBRD’s investment will help Bank of Palestine to proceed with its plan to expand in the region and support the bank’s financial inclusion work in the Palestinian economy. Bank of Palestine is the leading banking group in the West Bank and Gaza and is deeply committed to financial inclusion, with a strong focus on small and medium-sized enterprises (SMEs) and the empowerment of women and young people.

The Palestinian economy has faced numerous challenges since the war in Gaza started in October 2023. While the economic outlook for 2024 remains uncertain, a further contraction is to be expected. Gross domestic product (GDP) is set to shrink by anywhere between 6.5 and 9.6 per cent owing to employment losses and rising security tensions, which are continuing to affect mobility and business activity.

The EBRD investment in Bank of Palestine will have a significant impact, giving a much‑needed boost to the capital of a systemically important financial institution that accounts for more than 30 per cent of the Palestinian market.

Francis Malige, the EBRD’s Managing Director for Financial Institutions, said: “We are fully committed to supporting the Palestinian economy. Our aim with this investment is to help Bank of Palestine maintain its position as the leading local institution, leaving it well placed to capture any future growth stemming from reconstruction efforts. Bank of Palestine is not only systemically important to the Palestinian banking sector, but a key pillar of the local economy.”

Hashim Shawa, Chairman of the Bank of Palestine Group, said: “Today is an important day in the history of Bank of Palestine. Two strategic international development institutions, the EBRD and the IFC, have joined forces to invest in the bank, helping to boost our capital and enabling us to support the economic recovery that will be required after the devastating war and economic crisis that our economy is enduring. This investment is important for our future growth, sending a message of hope and partnership, confidence in the future role that the bank intends to play in the local economy and faith in the bank’s planned regional expansion. On behalf of my shareholders, board and staff, I would like to thank and salute the visionary leaders of the EBRD and the IFC.”

Since the start of its activities in the West Bank and Gaza in 2017, which are conducted through a trust fund, the EBRD has approved 27 transactions worth a total of €142 million.

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