In a Qualitative Move to Support the Green Economy and Empower Women, Quds Bank and the European Bank Sign an Agreement Worth 10 Million Dollars

SadaNews - Quds Bank and the European Bank for Reconstruction and Development (EBRD) signed a financing agreement worth 10 million US dollars, supported by the European Union, in a strategic move aimed at enhancing the green economy and economic empowerment of women in Palestine.

The signing ceremony took place at the headquarters of Quds Bank in Ramallah, and was signed by the CEO of Quds Bank, Mohamed Shawar, and the Director General for Financial Institutions at the European Bank for Reconstruction and Development, Francis Malij, in the presence of the EU Representative in the West Bank and Gaza, Alexander Stutzman, along with several executives.

The agreement includes an 8 million dollar loan under the "Green Financing" (GEFF) program to finance renewable energy projects and resource efficiency in the West Bank, in addition to an additional loan of up to 2 million dollars to support small and medium enterprises led by women, under the "Women in Business (WiB)" program. The agreement also includes a package of technical support and investment grants provided by the European Union, to enhance the developmental impact of this initiative.

Shawar: "Towards a Greener and More Inclusive Palestinian Economy"

In his speech during the signing ceremony, Mohamed Shawar, CEO of Quds Bank, stated: "Today we are proud to launch this qualitative partnership with the European Bank for Reconstruction and Development, which is the first of its kind in the field of green financing in Palestine. This agreement will enable us to provide sustainable financial solutions to institutions and individuals, specifically supporting projects led by women, in light of the escalating economic challenges. We thank the EBRD and the European Union for their continued trust and support."

Malij: A Strategic Partnership for the Service of Palestine

For his part, Francis Malij, Director of Financial Institutions at EBRD, stated: "We are pleased to be here today in Ramallah to launch the first loan under the Green Financing program in Palestine, in cooperation with our partner Quds Bank. This financing supports the transition towards a sustainable and inclusive economy in the region and represents a tangible step towards the economic empowerment of Palestinian women."

This agreement comes as a culmination of a continuous strategic partnership between Quds Bank and the European Bank for Reconstruction and Development that began in 2019, witnessing successful collaboration in several areas, most notably trade financing and support for small and medium enterprises. The bank has received the award for "Most Active Export Bank in the West Bank and Gaza" four times under the EBRD's trade financing program.

This partnership underscores the commitment of both institutions to continue working together to build a more sustainable and resilient Palestinian economy and to empower underserved groups, particularly women and entrepreneurs in green projects.