On May 15, 2022, more than 120 representatives of Palestinian and European financial institutions, local business partners and representatives of the diplomatic corps attended the inauguration of the new EIB office for the West Bank and Gaza during a ceremony in Ramallah.
The EIB will invest €214 million in favor of Palestinian companies, including €50 million dedicated to the Team Europe Initiative for the private sector in Gaza, through the Palestinian Monetary Authority and Cairo Amman Bank. In addition, a new partnership between the EIB, the World Health Organization and the Palestinian Ministry of Health aimed at improving primary healthcare and oncology services in the West Bank and Gaza was also announced.
President Hoyer and Vice-President Vigliotti highlighted the EIB’s unique role in climate action and business investment across the region through BEI Global, the development arm of the EIB. Over the past week, the EIB’s President, Vice-President and financing experts have met with entrepreneurs and start-ups in Gaza, Jerusalem, Bethlehem and Ramallah. They also discussed with project leaders supported by the EIB – and in particular the installation of solar panels on the roofs of 450 Palestinian schools.
Vice-President Vigliotti visited the site of the planned central desalination plant in Gaza. In Nablus, she also confirmed the EIB’s support for investments in the electricity network in order to reduce blackouts and enable increased use of renewable energies.
€25 million in humanitarian aid
The European Union has announced €25 million in humanitarian aid to meet the basic needs of Palestinians in the West Bank, including East Jerusalem and the Gaza Strip.
The fragile economic situation and the unprecedented financial crisis in the West Bank and Gaza have resulted in high unemployment rates, limited trade and restricted access to resources. The situation is further aggravated by the impact of Russia’s aggression against Ukraine, which has led to higher food and fuel prices. Some 1.79 million people in Palestine suffer from food insecurity, of which 1.1 million suffer from severe food insecurity.
This funding will focus on providing medical assistance, including mental trauma care, to people affected by the ongoing violence, the ramifications of the blockade on Gaza and the impact of the Covid-19 pandemic. The funding will also focus on improving access to schooling for Palestinian boys and girls to uphold their right to education.
Cash transfers will enable food-insecure Palestinian households to access essential goods and services and meet their basic needs with the dignity of their choice.
Source Embassy of France in Lebanon