{"id":4587,"date":"2024-08-28T13:04:48","date_gmt":"2024-08-28T10:04:48","guid":{"rendered":"https:\/\/sahfy.net\/news\/?p=4587"},"modified":"2024-08-28T13:04:48","modified_gmt":"2024-08-28T10:04:48","slug":"ebrd-makes-equity-investment-in-bank-of-palestine","status":"publish","type":"post","link":"https:\/\/sahfy.net\/news\/?p=4587&lang=en","title":{"rendered":"EBRD makes equity investment in Bank of Palestine"},"content":{"rendered":"

The\u00a0European Bank for Reconstruction and Development\u00a0(EBRD) and the\u00a0International Finance Corporation<\/a>\u00a0(IFC) are supporting the Palestinian economy in challenging times with an equity investment in Bank of Palestine.<\/p>\n

Under the new investment agreement, Bank of Palestine will issue additional shares, with the EBRD acquiring a stake of up to 3.92 per cent and the IFC taking a stake of up to 5 per cent through primary issuance.<\/p>\n

The EBRD\u2019s investment will help Bank of Palestine to proceed with its plan to expand in the region and support the bank\u2019s financial inclusion work in the Palestinian economy. Bank of Palestine is the leading banking group in the\u00a0West Bank and Gaza<\/a>\u00a0and is deeply committed to financial inclusion, with a strong focus on small and medium-sized enterprises (SMEs) and the empowerment of women and young people.<\/p>\n

The Palestinian economy has faced numerous challenges since the war in Gaza started in October 2023. While the economic outlook for 2024 remains uncertain, a further contraction is to be expected. Gross domestic product (GDP) is set to shrink by anywhere between 6.5 and 9.6 per cent owing to employment losses and rising security tensions, which are continuing to affect mobility and business activity.<\/p>\n

The EBRD investment in Bank of Palestine will have a significant impact, giving a much\u2011needed boost to the capital of a systemically important financial institution that accounts for more than 30 per cent of the Palestinian market.<\/p>\n

Francis Malige, the EBRD\u2019s Managing Director for Financial Institutions, said: \u201cWe are fully committed to supporting the Palestinian economy. Our aim with this investment is to help Bank of Palestine maintain its position as the leading local institution, leaving it well placed to capture any future growth stemming from reconstruction efforts. Bank of Palestine is not only systemically important to the Palestinian banking sector, but a key pillar of the local economy.\u201d<\/p>\n

Hashim Shawa, Chairman of the Bank of Palestine Group, said: \u201cToday is an important day in the history of Bank of Palestine. Two strategic international development institutions, the EBRD and the IFC, have joined forces to invest in the bank, helping to boost our capital and enabling us to support the economic recovery that will be required after the devastating war and economic crisis that our economy is enduring. This investment is important for our future growth, sending a message of hope and partnership, confidence in the future role that the bank intends to play in the local economy and faith in the bank\u2019s planned regional expansion. On behalf of my shareholders, board and staff, I would like to thank and salute the visionary leaders of the EBRD and the IFC.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

The\u00a0European Bank for Reconstruction and Development\u00a0(EBRD) and the\u00a0International Finance Corporation\u00a0(IFC) are supporting the Palestinian economy in challenging times with an equity investment in Bank of Palestine. Under the new investment agreement, Bank of Palestine will issue additional shares, with the EBRD acquiring a stake of up to 3.92 per cent and the IFC taking a […]<\/p>\n","protected":false},"author":3,"featured_media":4588,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"tdm_status":"","tdm_grid_status":"","footnotes":""},"categories":[91,47,168,130,43,15],"tags":[5688,5686,1000,2484,556],"class_list":["post-4587","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-arab-countries-en","category-banks-insurance-en","category-country","category-featured-en","category-finance-investment-en","category-press-releases","tag-bank-of-palestine","tag-international-finance-corporation","tag-investment","tag-palestine","tag-the-european-bank"],"yoast_head":"\nEBRD makes equity investment in Bank of Palestine - sahfy<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/sahfy.net\/news\/?p=4587&lang=en\" \/>\n<meta property=\"og:locale\" content=\"ar_AR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"EBRD makes equity investment in Bank of Palestine - sahfy\" \/>\n<meta property=\"og:description\" content=\"The\u00a0European Bank for Reconstruction and Development\u00a0(EBRD) and the\u00a0International Finance Corporation\u00a0(IFC) are supporting the Palestinian economy in challenging times with an equity investment in Bank of Palestine. 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