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Supporting Palestine’s entrepreneurial fabric
Project
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Signature date
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Location
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Palestine
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Financing tool
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Financing amount (Euro)
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20 000 000,00
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Customer
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BANK OF PALESTINE
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Type of customer
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Financial institution
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Country of headquarters
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Palestine
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Project number
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PPS1013
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Environmental and social ranking
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IF-B
This project is carried out with the support of the European Union.
The content of this project information sheet falls under the sole responsibility of the Proparco and does not necessarily reflect the opinions of the European Union. This information is given at the time of signature, without prejudice to any developments in the operation/project.
Proparco has allocated a $20 million loan to Bank of Palestine to support its action for Palestinian micro, small and medium-sized enterprises.
Client presentation
Founded in 1960, Bank of Palestine (BOP) is the largest financial institution in the Palestinian territories and plays a central role in the economic development of the West Bank and Gaza. BOP Group comprises the Bank of Palestine, the Arab Islamic Bank, Palpay (mobile payments), Wasata (brokerage), Qudra (renewable energies), Intersect Hub (Fintech incubator), and Ibtikar, Palestine’s first venture capital fund.
Project description
This $20 million senior credit line from Proparco is syndicated by IFC and will finance Palestinian micro, small and medium-sized enterprises (MSMEs) and small corporations. The objective is to support BOP’s liquidity and enable it to continue to serve its clients.
The project benefits from the support of the European Union.
Project impact
This credit line will finance about 400 MSMEs and 29 start-ups and will help maintain more than 5,000 jobs in Palestine. It will contribute to the achievement of SDG 8 (“Decent work and economic growth”).