EU to fund Palestinian private sector push
The European Union are to contribute to the Palestinian Authority's 'Private Sector Reconstruction in Gaza' (PSRG)
The European Union Tuesday contributed €1.6 million ($2.0 million) to the tenth payment under the Palestinian Authority's 'Private Sector Reconstruction in Gaza' (PSRG) program, said an EU press release.
It said that the program, which was the first large-scale initiative in support of the private sector in Gaza after 'Operation Cast Lead', has played an important part in its recovery.
This contribution is being channeled through Palestino-Européen de Gestion de l'Aide Socio-Economique (PEGASE), the European Union's mechanism for support to the Palestinians, it said.
The Palestinian Authority established the PSRG program to provide financial support to Gaza businesses that were destroyed or damaged by Israel's 'Operation Cast Lead.'
This EU-funded program has been helping to revitalize the economic activity in Gaza, helping to create jobs and contributing to provide sustainable livelihoods for its people.
The 10-PSRG-disbursement of €1.6 million ($2.0 million) will benefit 37 claims by Gaza businesses, which will receive the second and/or third installments of their total PSRG entitlements.
It follows nine earlier payments under PSRG that have been taking place since July 2010. The PSRG payments have covered more than 900 eligible claims under this program reaching a total of €22.7 million to date.
Further payments to cover the remaining installments to eligible beneficiaries are expected to take place under the PSRG program in the near future.
- Al Tayer bucks the US department store trend with Bloomingdale's Kuwait opening
- Gulf Islamic banks set to outperform conventional banks for second year: Moody's
- Jordan secures EU finance for socioeconomic and environmental programs
- Same-day service deliveries in GCC an untapped market: Wing CEO
- Will terror attacks damper Arabs' appetite for European holidays?
- Islamic bank aims to push private sector
- TAF to finance first private sector support fund in Syria
- EU: No proof on Palestinian Authority misuse of funds
- A smart way out of its troubles? Iraq plans state investment bank to push big infrastructure projects
- EC releases first European Union contribution for reconstruction in Iraq