European bank to finance Palestinian startups
The Luxembourg-based European Investment Bank has announced that it is prepared to set aside 13 million euro, or $12 million, to help finance startups by Palestinians in the Gaza and West Bank. Some 10 million euros will be provided in the form of long-term loans, and the remainder will be earmarked for assistance in financing investments by small- and medium-sized enterprises.
But it could take time before any Palestinian entrepreneurs see the money. In a statement released by the bank, it was said that "local conditions" had caused the delay. The statement added that the hope that a return to a more peaceful environment in the region will allow for a rapid take-up of the facility.
The European Investment Bank will be advancing the funding to the Cairo-Amman Bank, which is based in Jordan and operates branches throughout the Palestinian territories. – (Albawaba-MEBG)
© 2001 Mena Report (www.menareport.com)