EBRD support to strengthen Palestinian financial sector
July 26, 2017
With the aim of strengthening the Palestinian banking sector by transferring skills and exchanging know-how, the Palestine Monetary Authority (PMA) and the European Bank for Reconstruction and Development (EBRD) have held a first joint workshop in Ramallah in the West Bank.
The workshop focused on the banking products needed to support the development of small and medium-sized enterprises (SMEs) in the West Bank and Gaza and achieve the objectives and requirements of financial inclusion.
Speaking at the workshop, EBRD First Vice President Bennett said: “We are very pleased to host this first event with the Palestinian authorities to exchange views and knowledge with the business community. We look forward to developing our activities in the West Bank and Gaza and we aim to accelerate access to finance for SMEs, which are the backbone of the local economy and a source of much-needed employment.”
Micro, small and medium-sized enterprises play a crucial role in the domestic economy, representing about 95 per cent of economic output.
The workshop included a panel discussion that highlighted the EBRD’s financial products such as credit lines, the trade finance programme, equity, and business advisory services for SMEs. The event also included some of the EBRD’s clients in Jordan, who shared their experience of working with the EBRD in the banking and SME sectors.
At the EBRD’s 2017 Annual Meeting in May, the Bank’s Board of Governors approved the engagement of the EBRD in the West Bank and Gaza to support the development of the economy with investments through a trust fund.