EBRD supports small businesses in West Bank and Gaza
November 18, 2021
The European Bank for Reconstruction and Development (EBRD) is boosting micro, small and medium-sized enterprises (MSMEs) in the West Bank and Gaza with a US$ 3 million SME credit line to Vitas Palestine, a microfinance institution in the West Bank since 1995.
In addition to the loan, Vitas Palestine will benefit from an EBRD technical assistance package, financed by the EBRD’s West Bank and Gaza Trust Fund, as well as the EBRD’s Multi-Donor Trust Fund for the West Bank and Gaza.
This support will help Vitas Palestine to enhance its risk management function and will provide a digitalisation assessment to support the institution’s efforts in scaling up its digitalisation of the loan process. It will also assess and provide training on the quality of measures in place to prevent money laundering and on how to counter the financing of terrorism.
Since the start of its operations in the West Bank and Gaza in May 2017, the EBRD has signed 15 projects for a total of US$ 64 million.