Palestine Islamic Bank and NATIXIS Bank sign Financing Agreement for French Grant to Palestine

Palestine Islamic Bank and NATIXIS on behalf of the French government signed an agreement for the implementation of a French grant announced by the French government to the Palestinian Authority in 2010 and 2012 to foster and encourage the development of the private sector in the Palestinian economy, particularly in Bethlehem and Gaza, where each grant is worth five million euros for a total of 15 million euros thus far.


The agreement stipulates that a Palestinian producer or factory or a Palestinian-French company is entitled to receive a grant covering up to 35% of the value of external financing (from the bank + grant) to a maximum of 50% of external financing (bank + grant) for companies investing in Bethlehem Industrial City or in Gaza. The extent of the coverage from the grant that each company will receive is determined based on an analysis of the percentage of purchases of French equipment and services.


The agreement was signed by Mr. Philippe Michaud, Director of Corporate Activities at Natixis, acting on behalf of the Government of the French Republic, and Mr. Bayan Kassem, Director General of the Palestine Islamic Bank, at the Bank's General Headquarters in Ramallah, in the presence of Mr. François Xavier Flamon, the French Trade Attaché.

 

Bayan Qasem, General Manager of Palestine Islamic Bank, said that the agreement aims to strengthen the Palestinian economy, open up important horizons for Palestinian producers and manufacturers, while creating partnerships with the world, and thus introducing modern technology into the country and expanding the economic activities of the Palestinian producers & manufacturers and the Palestinian economy overall highlighting that the agreement complements the bank’s efforts to create a suitable environment for investment efforts and to promote Palestinian economic growth on the road to building a strong and capable national economy.

Qasem further affirmed the Bank's continuous efforts to provide suitable and sophisticated banking and financing solutions to its customers, especially traders, factory owners and companies, in order to facilitate and ease business activities thus contributing to the advancement of local economic development.

Meanwhile, Mr. Nadim Asfour said that this grant program has proven its success and effectiveness in various economic sectors and to date, at least 28 industrial and tourism companies in various Palestinian cities have been assisted by this grant in various which in turn contributed to the creation of more than 1,200 jobs and stimulating the local economy.