The European Investment Bank(EIB) formally opened its first office covering the West Bank and Gaza at a ceremony in Ramallah, alongside confirming record support, backed by the European Union, for Palestinian business investment and new cooperation with the World Health Organisation to improve public health.
The new dedicated local presence will enhance technical and financial support for private and public investment and will be located within the European Union Representation to the West Bank and Gaza in Jerusalem.
Ahead of the office opening ceremony the European Investment Bank formally agreed three new business financing programmes with the European Union, Palestine Monetary Authority and Cairo-Amman Bank Palestine.
The USD 192 million of new business financing, to be managed by local banks in the West Banks and Gaza will be enabled by the EIB’s largest ever credit line to the Palestine Monetary Authority, helping expand its flagship economic recovery programme called ‘Estidama’, or Sustainability.
This includes the first dedicated EIB and EU support for economic recovery, reconstruction efforts and business investment in Gaza. The EIB, EU and PMA signed a memorandum of understanding to deliver additional EUR 15 million to this end in form of EU guarantees, incentive grants and technical assistance.
The EIB and World Health Organisation also unveiled new cooperation with the Palestinian Ministry of Health to strengthen primary healthcare provision and oncology services and enhance health investment in the West Bank and Gaza.