Thanks to this facility agreement, the Bank of Palestine will be able to better extend its financing to support Palestinian SMEs across all Palestinian territories, including the West Bank, East-Jerusalem and Gaza Strip. The signed risk-sharing agreement is expected to support more than 100 SMEs and to contribute to the creation and maintenance of 900 jobs.
Established in 1960, the Bank of Palestine has grown constantly to become the leading financial institution in Palestine with the most widespread branch network of 73 branches, a paid up capital of USD 200 million, total assets over USD 4.66 billion, 1,728 employees, and serving more than 900,000 clients.
This is the fourth risk-sharing agreement signed between the AFD Group and the Bank of Palestine, reflecting the strength of the relationship between the two entities dating back to 2010.
The operation signed today is the latest illustrations of AFD Group’s twenty-year-long support to the Palestinian private sector. Earlier this month, Proparco granted a USD 8 million loan agreement to Faten to help the microfinance institution finance self-employed individuals, sole proprietors, and micro entrepreneurs in Palestine.