TEAM EUROPE stands with Palestine: A consolidated European response of around €373 million to the impact of the COVID-19 crisis
May 25, 2020
TEAM EUROPE partners discussed last week during a meeting with the Palestinian Prime Minister, Mohammed Shtayyeh, their combined support to Palestine in overcoming the impact of the COVID-19 crisis. This support addresses the vital short-term emergency and humanitarian needs while mitigating the economic and social impact for Palestinian women and men, households and businesses in the longer term.
TEAM EUROPE’s package provides direct assistance to the key actions identified in the Palestinian Authority’s COVID-19 Response Plan, namely short-term emergency support and longer term structural support to the health system, fiscal and current expenditure support, as well as assistance to Palestinian businesses, citizens and refugees.
Through TEAM EUROPE’s response grants will be increased and advanced for a value of around €270.2 million. Furthermore, financial instruments, dedicated investments, loans and loan guarantees, worth €103.3 million will be put at the disposal of private and financial sector entities. Overall, out of the total package of €373.5 million new additional funds account for €181.2 million (grants €77.9 million, financial instruments €103.3 million).
TEAM EUROPE in Palestine is a coalition that includes the EU and its Member States, Norway, Switzerland, the United Kingdom, the European Bank for Reconstruction and Development (EBRD) and the European Investment Bank (EIB).