The European Bank for Reconstruction and Development is to start investing in the West Bank and Gaza, it said yesterday. The development bank's shareholder governments approved the move which will initially last for five year and be financed with donations pooled from individual countries. It is expected to concentrate on energy infrastructure, renewable energy and supporting private businesses.
"The EBRD can make an important contribution to the economy alongside other international financial institutions," the EBRD's President Suma Chakrabarti at the bank's annual meeting. Chakrabarti said Israel, which is also an EBRD shareholder, had supported the move.
Speaking to Reuters, Azzam Shawwa, governor of the soon-to-be-formalised Palestinian central bank, said the EBRD's financing model and policy advice would be the main benefit.
"The whole concept took long enough but it's good that we made it and that the EBRD and others are moving into Palestine," Shawwa said. "It is going to be something that is really supportive to the economy."
About the author
Research Associate at Center for Islam and Global Affairs (CIGA) at Istanbul Sabahattin Zaim University
Keep up to date with what’s happening in Turkey,
it’s region and the world.
You can unsubscribe at any time. By signing up you are agreeing to our Terms of Use and Privacy Policy.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
Please
click
to read our informative text prepared pursuant to the Law on the Protection of Personal Data No. 6698 and to get information about the
cookies
used on our website in accordance with the relevant legislation.
6698 sayılı Kişisel Verilerin Korunması Kanunu uyarınca hazırlanmış aydınlatma metnimizi okumak ve sitemizde ilgili mevzuata uygun olarak kullanılan
çerezlerle
ilgili bilgi almak için lütfen
tıklayınız.