Bank of Palestine and the Palestine Investment Fund Sign a Strategic Partnership to Support RISE Palestine Initiative
Ramallah – Bank of Palestine and the Palestine Investment Fund signed a strategic partnership agreement to support the RISE Palestine initiative, which supports the innovation ecosystem and emerging technology companies in Palestine, badly affected by the destructive war in the Gaza Strip. This is part of Intersect's work, a leading social impact and leader and innovation efforts within the Bank of Palestine Group.
The deal stipulates that, under this agreement, the Palestine Investment Fund becomes a strategic partner in this initiative to support tech workers in Gaza, Bank of Palestine, and several Palestinian expatriate businessmen and Arab brothers in the Gulf. The contribution by the Fund has reached USD 150,000, thus contributing to the attainment of the funding goal of USD 500,000 necessary to announce the launching of this initiative and to open applications for grants. This comes after a similar contribution from the Bank of Palestine since the initiative was launched in March, in addition to different contributions by expatriate and Arab businessmen, some of which reached USD 100,000.
RISE Palestine has two main grants. First is the Startup Grant, which targets 50 early-stage Palestinian tech startups based in Gaza and the West Bank, offering them financial support for the sustainability and development of these startups, with a maximum value of USD 50,000.
The second grant is for the Team Grant, which grants up to USD 10,000 for established companies and, for the case of independent contractors (Freelancers), up to USD 1,500 per month for a period of up to nine months. These funds would be used for the salaries of Gaza-based staff and temporary replacement staff in the West Bank and East Jerusalem, covering losses to ensure businesses fulfill contractual obligations with third-party partners and can keep operations running.
RISE Palestine is an initiative co-ideating what the essential needs of both tech talent and startups are within the context of Palestine, with special attention to Gaza. This step came in tandem with the belief of Bank of Palestine in the importance of preserving the ecosystem in both the West Bank and Gaza and maintaining the talents and achievements of the young entrepreneurs which have attracted international interest during recent years. It is committed to the continuance of its role in cooperation, side by side with local and international partners, for the resilience and continuation of this sector with urgent support in Gaza, the West Bank, and East Jerusalem. It also encourages the West Bank's entrepreneurs to contribute to supporting their counterparts in Gaza during these challenging times.
The RISE Palestine grant program includes an Advisory Council, an Evaluation and Selection Committee, and a Financial Committee within its structure. These three committees are responsible for ensuring effective management and transparency in the implementation of the program. Comprising eminent figures and experts in entrepreneurship and technology, these committees ensure oversight on the strategy of the program, evaluation of grant applications, selection of beneficiaries, and management of financial resources.
Mouhamad Shawwa, CEO of Bank of Palestine, expressed pride in the partnership, highlighting how it aligns with the bank's and the Fund's efforts to support and protect Palestine's entrepreneurial ecosystem, especially those affected by the ongoing war on Gaza. He stressed that such partnerships strengthen their ability to face challenges and hardships, hoping that the spirit of partnership and cooperation will unite all Palestinian institutions across government, civil, and private sectors to confront the difficult circumstances.
Fadi Al-Dweik, General Manager of the Palestine Investment Fund, stated about the agreement: "We are proud to join as a strategic partner in this initiative led by Bank of Palestine, which comes within the priorities of the Fund to support and empower tech companies, especially in Gaza. This initiative is part of the strategy of effective investing that the Fund adopts, through which we seek to create social impact and enhance citizens' resilience, particularly in light of the ongoing war and aggression." Al-Dweik emphasized that the Fund will continue its efforts, within the available resources, to provide sustainable support to the Palestinian people to achieve the desired effect, and it praised the strategic partnership with Bank of Palestine for the importance of integrating private sector institutions in supporting the resilience of citizens during crises and contributing to the developmental effect required to revive the natural cycle of growth and sustainability of the national economy despite all challenges.
Dr. Mona Dmeidi, Chairwoman of Intersect, spoke about the incubator's efforts since its establishment date in 2020, empowering Palestinian young entrepreneurs and the scale of projects and jobs it has provided. She expressed her thanks to Bank of Palestine and the Palestine Investment Fund for their impactful partnership in these challenging times in Palestine and Gaza.
The participation of the Palestine Investment Fund in this initiative flows from its belief in supporting the steadfastness of the Palestinian people, particularly in Gaza. In 2023, and for the first time, the Fund announced the "Gaza Financing Program" through a self-financed initiative valued at $1 million for supporting small and medium enterprises in Gaza in several industries, services, trade, information technology, crafts, education, health, and other fields. As of September 2023, the first phase of this program was rolled out. Following the aggression on Gaza, the Fund reassessed its program to fit it into the consequences of the war and ensure that it meets the urgent needs resulting from the ongoing conflict. Therefore, several activities are going on, such as providing grants to small and micro enterprises affected by the war in Gaza, with the aim of re-activating their operations and subsequently joining the "Rise Palestine" initiative.
It has also targeted, through its corporate social responsibility, community initiatives to offer humanitarian assistance to Gaza. To this effect, the organization has granted community initiatives that run over $100,000 for emergency assistance, food packages, medicines, hygiene kits, blankets for displaced people, and many other items.
The RISE Palestine partners call on all supporters of the Palestinian innovation and entrepreneurship ecosystem to join and contribute to the two initiatives to ensure the recovery of the entrepreneurial ecosystem in Gaza and Palestine as a whole, enhancing its resilience and opportunities for growth and development.
For more information about RISE Palestine, please visit [risepalestine.intersect hub.org http://risepalestine.intersecthub.org