Source: European Investment Bank
- First cooperation between Cairo Amman Bank Palestine
- Investment boost for Palestinian companies most impacted by pandemic
- Local companies can access finance through 22 Cairo Amman Bank branches in Palestine
New investment by hundreds of Palestinian companies impacted by the COVID-19 pandemic will be made possible by USD 22 million of new financing made available by the European Investment Bank and managed by Cairo Amman Bank Palestine.
The new credit line was formally announced today ahead of the formal opening of the new European Investment Bank office for the West Bank and Gaza at a ceremony in Ramallah in the presence of European Investment Bank President Werner Hoyer, European Investment Bank Vice President Gelsomina Vigliotti and European Union Representative Sven Kühn von Burgsdorff.
“CAB-Palestine started cooperation with EIB in the late nineties with a loan agreement and a venture capital agreement, today we are signing a new agreement to strengthen the Palestinian economic resilience and participate in creating new job opportunities by supporting SME’s and entrepreneurs which together constitute an important part of the Palestinian economy today.By entering into such partnership, CAB stands in line with its strategic vision to support the Palestinian economy in general and the private sector in particular, and emphasise the importance of the financial inclusion concept by providing the needed financial solutions to all segments of the community.” said Joseph Nesnas, Deputy General Manager and Regional Manager of Cairo Amman Bank.
“As part of Team Europe, the European Investment Bank is committed to strengthening economic resilience and ensuring that Palestinian companies can access finance to grow, create jobs and unlock new economic opportunities. Our new cooperation with Cairo Amman Bank Palestine will enable investment by hundreds of local companies thanks to the new USD 22 million credit line. The EIB is pleased to expand our cooperation with leading local financial partners, whose expertise and insight is essential to maximise the impact of new private sector investment”, said Gelsomina Vigliotti, Vice President of the European Investment Bank.
The new agreement represents a strategic cooperation between the European Investment Bank, the world’s largest international public bank, owned by the 27 European Union member states and leading regional financial institution, Cairo Amman Bank Palestine.
“Ensuring access to finance by Palestinian entrepreneurs and businesses is crucial to overcome business uncertainties and economic challenges enhanced by COVID-19. The latest European Investment Bank support for private sector investment demonstrates Team Europe’s engagement to strengthen economic reliance and accelerate the post-pandemic recovery.” said Sven Kuhn von Burgsdorff European Union Representative in Palestine.
Palestinian companies active in tourism, manufacturing and services are expected to benefit from the new USD 22 million financing and can access loans through Cairo Amman Bank Palestine branches.
The initiative represents a coordinated effort with the European Union and forms part of Team Europe’s overall response to the Covid-19 crisis, which aims to support sustainable social and economic recovery of the region.
The new EIB partnership with Cairo Amman Bank Palestine is part of the EIB’s regional Economic Resilience Initiative that is supporting private sector investment through enhanced cooperation with leading local financial partners.
EIB Global is the EIB Group’s new specialised arm dedicated to increasing the impact of international partnerships and development finance. EIB Global is designed to foster strong, focused partnership within Team Europe, alongside fellow development finance institutions, and civil society. EIB Global brings the Group closer to local people, companies and institutions through our offices across the world.