IFC, the investment arm of the World Bank, signed a strategic agreement partnership with Bank of Palestine by purchasing 5% of the paid capital of BOP. IFC will provide BOP with LCs issued by international Banks to finance international trade. This agreement will open the doors to BOP to spread regionally as Bank of Palestine has a sound record in applying the highest banking standards and IFC through its expertise will assist BOP in achieving this goal. This agreement stated that IFC will underwrite 4,070,000 unwritten shares which will increase the paid capital of BOP to USD 81,370,000.
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This agreement have many advantages to BOP through minimizing risk, supporting BOP position locally and internationally, and enhancing BOP relationships with international banks.
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