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TunisiaEBRD and Quds Bank support small Palestinian businesses
The European Bank for Reconstruction and Development (EBRD) is supporting Palestinian micro, small and medium-sized enterprises (MSMEs) by providing a US$ 8 million loan to Quds Bank, one of the largest local banks in the West Bank and Gaza and an EBRD partner since 2019.
The Palestinian economy has been severely impacted by the war in Gaza, suffering an estimated 35 per cent contraction as of June 2024 and an unprecedented unemployment rate of more than 50 per cent. MSMEs account for more than 98 per cent of businesses in the West Bank and Gaza, generating over 60 per cent of gross domestic product (GDP), and have been among the firms most affected by the war.
The EBRD funds will be lent on to eligible private MSMEs in the West Bank to provide vital liquidity to maintain operations and contribute to building the resilience of the local private sector.
Since the start of its activities in the West Bank and Gaza in 2017, the EBRD has obtained approval for 29 transactions worth a total €155 million.
Countries covered:
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Palestine *
