Completion of the Jerusalem Financing Program for Green Energy Funded by the Palestinian Investment Fund and the European Union

SadaNews - The Palestinian Investment Fund and the European Union announced the completion of the Jerusalem Financing Program for Green Energy and Sustainability, implemented by the Palestine Development Foundation, the community arm of the fund. This program is part of joint efforts aimed at enhancing the resilience of the Jerusalem community and supporting the small and medium enterprises sector through sustainable financial solutions that contribute to alleviating both economic and environmental burdens.

The program aims to empower Jerusalemite projects that seek to improve their production structures and benefit from renewable energy technologies and environmentally friendly equipment. The program provided grants to projects that proved capable of investing the funding in a way that enhances the sustainability of their businesses, whether through reducing operational costs, improving energy efficiency, or adopting innovative production practices that are more in line with environmental standards.

More than 35 projects from various parts of the Jerusalem Governorate benefited from the program. The nature of the projects varied, including the installation of solar energy systems to reduce electricity consumption, purchasing eco-friendly equipment, in addition to projects in the field of recycling, all contributing to enhancing the culture of sustainability within the city.

The total value of the program reached approximately 2.4 million euros provided by the Palestinian Investment Fund and the European Union. The program also attracted additional investments of about 700,000 euros injected into the Jerusalem economy as contributions from the beneficiaries themselves, in addition to providing and maintaining hundreds of direct and indirect job opportunities for youth in Jerusalem. The program contributed to the installation of solar energy systems with a capacity of 1.0 megawatt, saving approximately 250,000 euros in electricity consumption annually, as solar energy systems were installed at a range of companies, projects, and local institutions in Jerusalem, including theaters, hospitals, schools, and hotels, leading to a reduction in electricity consumption by 50-60%.

The Palestine Development Foundation won first place in the Arab Award for Social Responsibility and Sustainability in its seventeenth edition for the year 2024 through this program. The announcement was made by the Arab Network for Social Responsibility during the Arab Forum for Social Responsibility and Sustainability held in Dubai under the slogan "Sustainable Prosperity: Redefining the Roadmap for a Balanced Future.

Rania Marai, Chair of the Board of Directors of the Palestine Development Foundation, stated: "We take pride in our ongoing partnership with the European Union in implementing this program, which reflects the fund's commitment to supporting Jerusalem and placing it at the top of our priorities. Enhancing the Jerusalem economy and empowering its people are key components of the fund's strategy, and we are pleased to see the impact of this program on enabling small projects and giving them the ability to expand and sustain."

Marai added, "The fund's work in Jerusalem is not limited to this program alone; rather, we have implemented over the past years a series of community and development programs in partnership with international and local institutions. These programs have focused on supporting small and medium enterprises, empowering entrepreneurs, and providing financial and training tools to help them develop their businesses. We also pay special attention to social responsibility, as we work to support local institutions in the fields of education, health, women's empowerment, and economic and social development, which reinforces the resilience of the city and its community."

For his part, Mario Vanti, representative of the European Union, said: "We are pleased with the success and completion of this program, which funded about 35 Jerusalemite projects, which is an extension of the European Union's ongoing efforts to support the resilience of Jerusalemites and enhance their presence in their city. The cooperation with the Palestinian Investment Fund has produced an effective development model that contributes to stimulating the local economy, supporting small projects, and expanding the use of clean energy despite the challenges facing Jerusalem."