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TunisiaEIB steps up support to Palestinian private sector
The EIB signed three lines of credit with Bank of Palestine, Quds Bank and Palestine Investment Bank in the amount of USD 50 million, USD 32 million and USD 20 million , respectively, which will be on-lent to local SMEs. The EIB also signed a Letter of Intent with the& Palestine Monetary Authority (PMA) with a view to making available USD 200 million, which will contribute to the PMA’s efforts to provide financial relief to local SME’s impacted by the coronavirus crisis.
In addition, the EIB signed two risk-sharing agreements with The National Bank and Bank of Palestine, backed by the European Fund for Sustainable Development (EFSD), which are expected to support a new portfolio of SME loans in a combined amount of at least USD 120m. EIB signed also a loan agreement with Vitas Palestine in the amount of USD 3.3 million. The loan is expected to reach out to about 1,200 micro-entrepreneurs in Palestine and comes as a top-up of the USD 5 million facility signed in December 2017.
This operation is part of the support package in countries outside of the EU in the context of Team Europe’s response to help mitigate the impact of the coronavirus pandemic. The EIB financing also comes under the Economic Resilience Initiative (ERI), a joint EIB and EU programme aiming to support the countries in the Mediterranean region that have been most impacted by the refugee crisis.
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