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West Bank businesses benefit from $10 million in loans to better fight against the impact of the coronavirus


Written by Eric Apim on Friday, October 16th 2020 à 14:14 | Read 164 times



EBRD loan will also be offered to the Tpe of the West Bank (photo: EBRD)
EBRD loan will also be offered to the Tpe of the West Bank (photo: EBRD)
PALESTINE. The European Bank for Reconstruction and Development (EBRD) on Wednesday (14 October 2020) granted a $10 million (€8.5 million) loan to the National Bank (NBT) fund in Palestine.

This envelope will be available for on-lending to companies based in the West Bank to help them combat the economic impact of Covid-19 by providing them with the liquidity they need to get through the crisis. All sizes of companies are eligible, from micro to large.

"The funds will also help to strengthen the resilience of the Palestinian financial sector," says a joint EBRD and TNB statement.

The TNB is the third largest bank in the Palestinian territories (Gaza and the West Bank) and the second largest bank in the West Bank. It is active in banking, lending to individuals, businesses and the public sector.

The EBRD has been investing in the West Bank and Gaza Strip since 2017 and has so far signed six projects worth a total of $22 million (€18.8 million). As of September 2020, the European bank had lent $3 million (€2.57 million) to the microfinance institution Faten (Palestine for Credit and Development).

 



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