EBRD Announces $10 Million Financing Package for Palestinian Businesses and Households

Strategic Insights -

The European Bank for Reconstruction and Development (EBRD) has announced a $10 million financing package to support Palestinian businesses and households, marking a significant step towards promoting sustainable energy and resource efficiency solutions in the region. The package includes a $8 million loan under the EU-funded Green Economy Financing Facility (GEFF) and a $2 million loan under the Women in Business Programme. This initiative aims to empower women-led enterprises in the West Bank and support the local economy.

Key Takeaways:

  • The EBRD has allocated a $10 million financing package to support Palestinian businesses and households, with a focus on green investments and women-led enterprises.
  • The package includes a $8 million loan under the EU-funded GEFF and a $2 million loan under the Women in Business Programme.
  • The GEFF loan will be on-lent to micro, small and medium-sized enterprises (MSMEs) and households for projects in renewable energy, water and energy efficiency, and other resource-saving initiatives.
  • The green financing facility comes with EU-backed technical assistance and investment grants covering up to 25% of project costs.
  • Quds Bank, the implementing partner, will receive EU-funded support to develop credit products tailored to women entrepreneurs and train staff to meet their needs.
  • The EBRD's Advice for Small Businesses programme will offer consultancy services, mentorship and digital training to help women-led firms enhance their competitiveness.
  • This partnership marks the first green financing facility signed by the EBRD in the West Bank, and will help promote sustainable energy and resource efficiency solutions for Palestinian businesses and households.
  • The Women in Business line will support the Palestinian economy by providing financing to women-led firms, which remain underserved.
  • Quds Bank has been an EBRD client since 2019 and has won the EBRD's 'Most Active Issuing Bank in the West Bank and Gaza' award four times.
  • Since its operations in the West Bank and Gaza began in 2017, the EBRD has approved 36 projects worth a total of £185.5 million.

Statistics:

  • $10 million: Total financing package for Palestinian businesses and households
  • $8 million: Loan under the EU-funded GEFF
  • $2 million: Loan under the Women in Business Programme
  • 25%: Maximum amount of project costs covered by EU-backed technical assistance and investment grants
  • £185.5 million: Total value of projects approved by the EBRD in the West Bank and Gaza since 2017
  • 36: Number of projects approved by the EBRD in the West Bank and Gaza since 2017
  • 2019: Year Quds Bank became an EBRD client
  • 2017: Year the EBRD began operations in the West Bank and Gaza

Sources:

  • European Bank for Reconstruction and Development (EBRD)
  • Quds Bank
  • European Union (EU)