The European Bank for Reconstruction and Development (EBRD) is supporting Palestinian micro, small and medium-sized enterprises (MSMEs) and women entrepreneurs by providing a financing package of US$ 15 million to Bank of Palestine, the largest bank in the West Bank and Gaza.
The package includes a US$ 13 million credit line to small businesses, providing them with critical liquidity to help mitigate the impact of the coronavirus pandemic. This credit line will help Bank of Palestine provide short-term loans to MSMEs facing liquidity strains due to a decrease in their activities and turnover caused by the crisis.
Under the EBRD’s Women in Business programme, a dedicated US$ 2 million loan – the first loan of its kind from an international financial institution in the West Bank and Gaza – will support women-led businesses, helping them to access necessary funds and create more job opportunities.
Since the start of its operations in the West Bank and Gaza in 2017, the EBRD has signed eight projects for a total amount of US$ 46 million.