{"id":5178,"date":"2024-11-06T09:19:45","date_gmt":"2024-11-06T07:19:45","guid":{"rendered":"https:\/\/sahfy.net\/news\/?p=5178"},"modified":"2024-11-06T09:19:45","modified_gmt":"2024-11-06T07:19:45","slug":"ebrd-and-quds-bank-support-small-palestinian-businesses","status":"publish","type":"post","link":"https:\/\/sahfy.net\/news\/?p=5178&lang=en","title":{"rendered":"EBRD and Quds Bank support small Palestinian businesses"},"content":{"rendered":"

The European Bank for Reconstruction and Development (EBRD) is supporting Palestinian micro, small and medium-sized enterprises (MSMEs) by providing a US$ 8 million loan to\u00a0Quds Bank,\u00a0one of the largest local banks in the\u00a0West Bank and Gaza<\/a>\u00a0and an EBRD partner since 2019.<\/p>\n

The Palestinian economy has been severely impacted by the war in Gaza, suffering an estimated 35 per cent contraction as of June 2024 and an unprecedented unemployment rate of more than 50 per cent. MSMEs account for more than 98 per cent of businesses in the West Bank and Gaza, generating over 60 per cent of gross domestic product (GDP), and have been among the firms most affected by the war.<\/p>\n

The EBRD funds will be lent on to eligible private MSMEs in the West Bank to provide vital liquidity to maintain operations and contribute to building the resilience of the local private sector.<\/p>\n

The facility builds on the EBRD\u2019s past experience with Quds Bank, which includes a US$ 5 million credit line under the EBRD\u2019s Covid-19 response in 2021 and more than US$ 36 million of trade finance transactions supported under the Bank\u2019s Trade Facilitation Programme to date.<\/p>\n

Mark Davis, EBRD Managing Director for the southern and eastern Mediterranean region, said: \u201cWe are very pleased to partner with Quds Bank once again to support the Palestinian economy in these challenging times. We hope that our loan to Quds Bank can support more MSMEs in the West Bank, helping them to weather current difficulties and emerge stronger.\u201d<\/p>\n

Dureid Jerab, Deputy Chairman of Quds Bank, said: \u201cWe are pleased to see our partnership with the EBRD deepen over the years and happy to be receiving an SME loan today. This loan will enable us to further support our MSME clients and help them navigate the current challenges they are going through.\u201d<\/p>\n

Since the start of its activities in the West Bank and Gaza in 2017, the EBRD has obtained approval\u00a0for 29 transactions worth a total \u20ac155 million.<\/p>\n","protected":false},"excerpt":{"rendered":"

The European Bank for Reconstruction and Development (EBRD) is supporting Palestinian micro, small and medium-sized enterprises (MSMEs) by providing a US$ 8 million loan to\u00a0Quds Bank,\u00a0one of the largest local banks in the\u00a0West Bank and Gaza\u00a0and an EBRD partner since 2019. The Palestinian economy has been severely impacted by the war in Gaza, suffering an […]<\/p>\n","protected":false},"author":3,"featured_media":5179,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"tdm_status":"","tdm_grid_status":"","footnotes":""},"categories":[47,39,168,130,43,111,15,35,31],"tags":[1718,214,2472,7109,7111,5006],"class_list":["post-5178","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banks-insurance-en","category-business-economy-en","category-country","category-featured-en","category-finance-investment-en","category-mou-partnerships-en","category-press-releases","category-smes","category-startups","tag-ebrd","tag-economic","tag-gaza","tag-palestinian-msmes","tag-quds-bank","tag-west-bank"],"yoast_head":"\nEBRD and Quds Bank support small Palestinian businesses - 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=5178&lang=en\" \/>\n<meta property=\"og:locale\" content=\"ar_AR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"EBRD and Quds Bank support small Palestinian businesses - sahfy\" \/>\n<meta property=\"og:description\" content=\"The European Bank for Reconstruction and Development (EBRD) is supporting Palestinian micro, small and medium-sized enterprises (MSMEs) by providing a US$ 8 million loan to\u00a0Quds Bank,\u00a0one of the largest local banks in the\u00a0West Bank and Gaza\u00a0and an EBRD partner since 2019. 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