Palestinian Authority signs 30 mn euro investment agreement with European development bank

RAMALLAH — Minister of National Economy Abeer Odeh Thursday signed an investment agreement with the European Bank for Reconstruction and Development (EBRD) at the Prime Minister’s office in Ramallah, PalestinIan news agency, WAFA, reported.

Odeh and EBRD’s head of office in Jordan Heike Harmgart signed the agreement that provides for the creation of two development funds, one for EBRD with a capital of 30 million euro and the second a multi-donor fund.

The EBRD fund would provide investment loans in various fields such as renewable energy and micro, small and medium-sized enterprises (MSME), as well as other sectors with a goal to create job opportunities and reduce unemployment.

This came after EBRD approved the move during its annual three-day meeting and business forum held in Nicosia on May 9. The fund would last for five years.

EBRD will operate in the West Bank and Gaza from its office in Amman, Jordan.

Source: Emirates News Agency