Housing Bank for Trade and Finance - Palestine Signs $5 Million Financing Agreement with the European Bank for Reconstruction and Development to Support Small and Medium Enterprises

SadaNews - The Housing Bank for Trade and Finance - Palestine has signed a financing agreement with the European Bank for Reconstruction and Development (EBRD) worth 5 million US dollars, aimed at providing necessary funding for small and medium projects, with a special focus on entrepreneurial projects led by women and projects in less privileged areas. This contributes to enhancing growth and sustainability opportunities for this category of businesses, which is considered a driver for stimulating the local economy.

The agreement was signed by the regional director of the Housing Bank - Palestine, Osama Harzallah, and the managing director for the financial institutions sector at the European Bank for Reconstruction and Development, Francis Malige, at the headquarters of the Housing Bank's regional administration, in the presence of several officials from both parties.

This agreement comes as a continuation of the partnership between the Housing Bank and the European Bank for Reconstruction and Development, as part of the Housing Bank's ongoing efforts to enhance financial inclusion, in line with global trends and in alignment with the Palestinian Monetary Authority's vision of supporting sustainable economic growth by focusing on improving access for small and medium enterprises to the necessary financing for success and progress, which is one of the major challenges faced by these projects.

The agreement also includes a package of technical assistance funded by the European Union, aimed at developing the skills of Housing Bank employees in the fields of financial analysis, digital technology, leadership, and sustainability, which enhances the quality of services provided to clients, enabling them to better serve small and medium enterprises.

Commenting on the agreement, the regional director of the Housing Bank, Osama Harzallah, expressed his pride in signing this agreement for the first time in Palestine, affirming that this partnership will allow for expanding the necessary support for small and medium institutions. Additionally, the technical assistance funded by the European Union will enhance the capacity of the bank's team, ensuring the provision of high-quality financial services designed to meet client needs.

On his part, Francis Malige, the managing director for the financial institutions sector at the European Bank for Reconstruction and Development, stated, "The Housing Bank has been a strategic partner of ours for a long time, and we are proud to extend this partnership for the first time to its branches in Palestine to better enhance access to the necessary financing for small and medium enterprises, especially in less privileged areas for women entrepreneurs. This investment, alongside the technical assistance funded by the European Union, will help build the skills and capacities of the local Housing Bank team and support sustainable economic opportunities where the need is greatest."

It is worth noting that since its establishment in 1973 in Jordan, the Housing Bank has provided comprehensive services to individuals, corporate sectors, the government and public sector, in addition to small and medium enterprises, through its extensive network of branches in Jordan and Palestine, and its branches and subsidiaries abroad. Notably, the European Bank for Reconstruction and Development has approved 36 projects with a total value of 185.5 million euros since the beginning of its operations in Palestine in 2017.