During a high level policy meeting today in Ramallah, the first edition of the European Union – Palestine Investment Review was presented, outlining Team Europe investments at a remarkable amount of EUR 1.42 billion, which forms over 10% of the Palestinian gross domestic product.
The 3rd meeting of the European Union – Palestine Investment Platform was chaired by the Prime Minister’s Office and the European Union Representative Office with participation of several representatives of Palestinian and European public intuitions. The event was attended by senior officials of the Palestinian Energy and Natural Resources Authority, Palestine Monetary Authority, Ministry of National Economy, Investment Promotion and Industrial Estates Agency as well as executives of the European Investment Bank, European Bank for Reconstruction and Development, French Development Agency Group, KfW German Development Bank and FMO Netherlands Development Bank.
The Investment Review reveals that over the last years European partners stepped-up their investments into the Palestinian economy. Of the total amount of EUR 1.42 billion, around 60% were committed only in the last two years showing a remarkable growth in mobilization of finance for Palestine.
The overall investments mobilized by Team Europe represent more than 10% of the Palestinian annual GDP. The big bulk of investments is dedicated to boosting access to finance for SMEs, the backbone of the Palestinian economy. Another significant area of investment is finance for energy, including renewables, energy infrastructure as well as energy efficiency.
Prime Minister Mohammad Shtayyeh, said: ‘Upon launching of the EU – Palestine Investment Platform, it was clear that this is a significant, timely agreement that intersects with the Palestinian government’s goals and priorities to support and strengthen the private sector, especially SMEs that have been affected by the Covid-19 pandemic. We thank the European Union for this strategic partnership. Europe has always been a champion in standing by Palestine politically while providing economic support and institution-building assistance, to achieve an independent, sovereign Palestinian state on the 1967 borders with Jerusalem as its capital.’
The European Union Representative, Sven Kühn von Burgsdorff, said: ‘Around one year ago, together the Palestinian Prime Minister we launched a new join policy forum to foster European investment in Palestine, the EU – Palestine Investment Platform. Today we see a very positive trend of increasing volumes of quality investment by European partners through their development banks and financial institutions in cooperation with their Palestinian counterparts, working across different sectors of economy, contributing to job creation and tackling climate change, sustainable growth and welfare.’
Source: Palestinian News & Info Agency (WAFA)