The World Bank Monday pledged $55 million annually for the support of the Palestinian Authority and another $20 million for the reconstruction of Gaza infrastructure.
Of the $55 million, $40 million will go for budget support and $15 million for development projects, Palestinian News Agency (WAFA) reported.
The World Bank decision came during a consultation meeting between the Palestinian Minister of Planning Ali Jarbawi and World Bank Country Director for the West Bank and Gaza, Mariam Sherman.
The two sides discussed necessary coordination techniques between the PA and World Bank to exchange essential information.
Sherman said that World Bank policy aims to enhance government institutions to be able to provide Palestinians with significant amount of services. The World Bank supports a number of health, education, social services and water sector projects. Overall World Bank financial support to the PA between 2009 and 2011 amounted to $168 million to support development projects in the West Bank and Gaza.