Palestine Monetary Authority Signs MoU with the Consulate General of ItalyPalestine News Network

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Dr. Jihad Al Wazir, Governor of the PMA, and Mr. Davide La Cecilia, the Consul General of Italy in Jerusalem, signed a memorandum of understanding (MoU) today at PMA headquarters on the application of the specialized bank model to the case of Palestine and making use of the Italian experience in this respect. Within the framework of the programme "START UP PALESTINE", the MoU initiates a three-year.

WAFA:03/11/2014

 The Palestine Monetary Authority (PMA) and the Consulate General of Italy in Jerusalem signed on Monday a memorandum of understanding (MoU) on the application of the specialized bank model to the case of Palestine and drawing upon the Italian experience in this respect.

Within the framework of the program “START UP PALESTINE”, the MoU initiates a three-year long program which aims at promoting business projects and economic empowerment for the benefit of marginalized social segments through facilitating access to financial services at fair prices, said the PMA in a press release.

Governor of the PMA, Jihad al-Wazir, who signed the MoU with the Consul General of Italy Davide La Cecilia, said the interest of the PMA in the Italian experience stems from its internationally pioneering development of the cooperative banks model, operating particularly in rural and poverty-stricken areas.

He added that the new MoU is part of the PMA’s efforts to learn of the successful global experiences in the field of small loans programmes, so as to boost the capabilities of poor and vulnerable households and marginalized and low-income groups.  

Such banks have gone a long way in sustaining comprehensive economic growth and becoming the first financial institutions to meet the needs of owners of micro and small enterprises (MSEs), concluded al-Wazir.