On Tuesday, 11 April 2017, the main headquarters of Bank of Palestine in Ramallah witnessed the signing of an agreement via videoconference between the bank and the Palestinian Federation of Industries, for funding small and medium-sized industrial projects. The ceremony was held in the presence of Mr. Hashim Al Shawa, Chairman and General Director of Bank of Palestine, and Mr. Bassam Al Wawil, Chairman of the Palestinian Federation of Industries, and involved the participation of several heads of industrial unions, representatives from the Ministry of National Economy, civil society organizations, ministers, assistants to the General Director of Bank of Palestine and heads of departments, in addition to media persons.
Both parties believe in the importance of developing and promoting Palestinian industries and enabling them to enter into competition on a local, regional and international level. Based on the agreement, the bank will allocate a portfolio of credit facilitations in the amount of $100 million, for funding small and medium-sized industrial projects.
Mr. Al Shawa spoke about the earliest initiatives implemented by Bank of Palestine since 1960 with an aim to fund small agricultural projects in the Gaza Strip, during a time when Gaza was famous for its citrus orchards and agriculture. Al Shawa expressed his enthusiasm and pride about the bank being at the forefront of Palestinian companies that contribute to economic development through the promotion of sector wide Palestinian industries. He stated that the credit portfolio reached $2.2 billion, from which $500 million is allocated for small projects, and hence, the agreement forms part of the bank’s responsibility towards encouraging projects and pushing forward the wheel of economic development.
Al Shawa added that the portfolio allocated for supporting industrial projects is one that is subject to continuous increase, and the reason behind this is to promote industrial sectors in Palestine. Furthermore, the bank’s partnership with the Palestinian Federation of Industries will allow for the implementation of several activities, among them the conference and exhibition of Palestinian industries, and other activities that aim to push the investment and national wheel forward.
Mr. Bassam Al Walwil stated that the contribution of Palestinian industries to the Gross Domestic Product (GDP) is 13%, and the General Union aspires to increase this percentage by developing industries and promoting their role and access to markets, and eventually increasing their ability to compete. Al Walwil aspires that all banks working in Palestine will follow in the footsteps of Bank of Palestine in this domain, allowing Palestinians to promote their industrial capacity and ability to continuously compete and develop in the Arab region and the rest of the world. He added that the work and efforts are conducted to achieve building and development, and this agreement is but a reflection of the development of the industrial sector in Palestine that serves the higher interests of the national economy. Al Walwil expressed his gratitude to all those who contributed to the success of this agreement.