The EU, PA and business community held the first ever EU – Palestine Business Forum and signed investment agreements worth over EUR 80 million
Today, the EU Representative along with the Prime Minister of Palestine, the Representatives of the Netherlands, Germany, the Consul General of Italy as well as high ranking officials of European Financial Institutions attended the new EU-Palestine Business Forum, that brought together 200 to 300 business leaders, bankers, investors and government representatives.
The main objective of the Business Forum is to better mobilise private and institutional investors towards the Palestinian economy by means of establishing an avenue for public-private dialogue in the framework of the EU – Palestine Investment Platform. During the event, five financing agreements worth EUR 81.65 million were signed. The event also showcased seven high visibility investments financed by Team Europe and six investment opportunities of the National Investment Roadmap were pitched.
"With the launching of the EU-Palestine Business Forum, we want to consolidate, renew and reinforce our commitment towards making Palestine a more attractive place for local, European and other international investors. I am confident that this Forum will make a strong contribution to improve the investment climate, enhance the Palestinian economy and build a stronger partnership between Europe and Palestine," said the European Union Representative Sven Kühn von Burgsdorff.
The new Business Forum will help expand the engagement of the private sector in the workings of the Platform, it will offer the business community a forum to engage with policy makers on strategic priorities and policies for investment, to learn about prospective investment opportunities and available financing possibilities.
“Having the Business community included in the EU–Palestine
Investment Platform is essential and timely and has been our goal since the beginning. The future of our economy depends on a vibrant private sector and creative partnerships with European and international businesses,” said the Prime Minister H.E. Dr. Mohammad Shtayyeh.
The Business Form will work to better engage the Palestinian business community with financiers and investors of ‘Team Europe’, which includes the EU, its Member States and European Financial Institutions. It will help creating linkages between investment opportunities promoted by Palestinian partners with financing possibilities from Team Europe, helping boost private and institutional investment flowing into Palestine.
The EU – Palestine Investment Platform was established by the European Union and Palestinian Authority in an effort to foster policy dialogue on investment and to help better identify, prioritise, coordinate and promote investment opportunities that the EU External Investment Plan offers through its many instruments in Palestine. A key objective of the Platform is to better attract investment into Palestine through mobilisation of additional public, institutional and private financing that contributes to Palestine’s political, policy and reform priorities
During the EU-Palestine Business Forum five following agreements were signed between Team Europe financiers and Palestinian partner institutions.
- European Union – Palestinian Authority, Financing Agreement: Fostering Sustainable Economic Development (EUR 30.5 million)
- European Union – European Bank for Reconstruction and Development, Financing Agreement: MSME Financial Inclusion Programme (EUR 3 million in guarantees to cover a portfolio of EUR 20 million in loans)
- PROPARCO, French Development Agency Group – FATEN Microfinance, Loan and Guarantee Agreement (USD 8 million line of credit, USD 2.25 million in portfolio guarantees)
- FMO Dutch Development Bank – Vitas Palestine, Guarantee Agreement funded by the European Union (USD 10 million)
- Italian Agency for Development Cooperation (AICS) - Palestinian Employment Fund, Loan Agreements, Start-up Palestine Programme funded by AICS (FATEN USD 2.9 million, ACAD USD 1.9 million, Reef USD 1.6 million, & ASALA USD 1.5 million)
Moreover, on the margins of the 4th Platform meeting the EU issued the second edition of the EU-Palestine Investment Review detailing and analysing all investment projects promoted by the EU, its Member States and European Financial Institutions as ‘Team Europe’ in Palestine. It reveals that over the last years European partners stepped-up their investments into the Palestinian economy. The amount of all ongoing Team Europe investments reaches a total of EUR 1.82 billion, of which over 60% were committed only in the last two years showing a remarkable growth in mobilisation of finance for Palestine.
Additionally, the Palestinian Investment Promotion and Industrial Estates Agency issued the second edition of the investment opportunities roadmap which highlights 50 bankable projects ready for joint investment.
Since the launching of the Platform in December 2020, altogether four high-level meetings convened under the patronage of the Prime Minister of Palestine and the European Union Representative. Two working groups were established on matters of SMEs Finance and Energy Finance meeting regularly under the auspices of the Governor of the Palestine Monetary Authority and the Chairman of the Palestinian Energy and Natural Resources Authority.
The Office of the European Union Representative
Shadi Othman (02 5415 867, 0599 673 958);
Inas Abu Shirbi (02 541 5 859, 0599 673957)