Economy: Additional Financial Support of 10 Million Dollars for the Innovative Private Sector Development Project

SadaNews - The Minister of National Economy, Mohammed Al-Amour, and the Regional Manager of Development Alternatives, Said Abu Hajla, signed an agreement today, Tuesday, to add an amount of 10 million dollars to the Innovative Private Sector Development Project (IPSD I), with support from the World Bank and the European Union.

The addition of the financial allocation aims to enhance efforts to support startups, entrepreneurial projects, and develop the business environment in Palestine, empowering the private sector as a key driver for advancing the national economy.

The new funding will contribute to expanding the project's activities, such as developing the entrepreneurship ecosystem, which includes improving market links regionally and internationally, and developing a dynamic financing system for startups and pre-investment grants and joint investments.

It is expected to contribute to improving government services/the automated commercial registry system (ABRS), and making additional improvements to it, in addition to investing in capacity building and developing an innovative business environment, which will positively impact job creation and enhance competitiveness.

The funding is considered an important step towards strengthening partnership with international institutions and directing resources to support entrepreneurial initiatives and increase private sector investments, enabling Palestinian companies to expand locally and internationally, indicating that the project aligns with national priorities in supporting the digital and innovative economy.

It is worth mentioning that the Innovative Private Sector Development Project (IPSD II) aims to improve economic opportunities for technology-based startups and innovative small and medium enterprises in the digital economy.