The European Bank for Reconstruction and Development (EBRD) is strengthening micro, small and medium-sized enterprises (MSMEs) in the West Bank and Gaza, with a US$ 3 million loan to Palestine for Credit and Development (FATEN), the largest non-profit microfinance institution in the West Bank and Gaza.
The private sector represents a substantial segment of the local economy but access to finance for Palestinian small businesses remains limited and is much needed currently to mitigate the economic impact of the coronavirus crisis.
The EBRD loan will help FATEN increase funding to local, private MSMEs in the West Bank with a focus on those operating in the agribusiness sector.
In 2017, the EBRD started investing in the West Bank and Gaza. To date, five projects have been signed for a total amount of US$ 19 million.