To promote economic development

IFC signed accord with Bank of Palestine

GMT 11:56 2014 Thursday ,09 January

Arab Today, arab today IFC signed accord with Bank of Palestine

Bank of Palestine in Bethlehem
Jerusalem - Arab Today

Bank of Palestine in Bethlehem The International Finance Corporation (IFC) has signed an accord with the Bank of Palestine, as part of the IFC's strategy to support small and medium enterprises, especially the women -owned ones and promote economic development in the Palestinian territories and creating labour opportunities.
The IFC, a member of the World Bank Group , said in a statement issued Thursday that such an initiative is the third of its kind in the field of consultancy services carried out by the IFC in the Palestinian territories, with a view to facilitating access to finance and promoting the sustainable growth and support entrepreneurs.
For his part, Lok Hajarta , the Advisory Services Director for the Middle East and North Africa in the IFC said that  the businesswomen in the Palestinian territories face many difficulties in getting funding despite owning nearly a quarter of all small and medium enterprises.
Hisham Shawaa, the chairman and general manager of the Bank of Palestine on his part, said that the bank is working on the empowerment of women entrepreneurs and their integration into the economy and encourage the growth of small and medium enterprises, a reminder that the IFC helped the bank in the past to strengthen its banking and reduce the risk of potential credit .
He explained that the Palestinian private sector provides 90 % of the total job opportunities in the Palestinian territories, however, 5% of companies have the opportunity to borrow adding that the organisation will help the Bank of Palestine, on the availability of funding for small and medium enterprises and the development of new banking  products and services that meet the financial needs of these companies.
The IFC is the largest global development institution focused exclusively on the private sector development , and working with private sector organisations in more than 100 countries , and has made investments in fiscal year 2013 reached a record high of about $ 25 billion
Source: QNA

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