Governor of Palestine Monetary Authority and Lending Institutions’ Delegation Discuss Mechanisms of Developing Specialized Lending in Palestine

Ramallah – His Excellency Mr. Azzam Shawwa, the Governor of Palestine Monetary Authority, met today at his office in Ramallah with delegates representing specialized lending institutions in Palestine to discuss and exchange opinion about issues relative to specialized lending in Palestine and mechanisms of developing such lending to enable it to deliver its assigned services to citizens. The meeting also discussed the most prominent recommendations of the first conference of specialized lending in Palestine “Microfinance Sector in Palestine – Prospects and Challenges”held in Jericho on May 15, 2017. The 2-day conference recommended forming national team of all relevant parties to develop a general framework and strategy for the specialized lending sector and making favorable policies to support the microfinance sector for its protection and growth. 

Mr. Shawwa affirmed in the meeting the importance of activating the developmental and social roles of the lending institutions that aimed to creating job opportunities, reducing unemployment and poverty by providing financing sources to entrepreneurs who were unable to access financing sources in the banking system. Mr. Shawwa said Palestine Monetary Authority would continue to support and develop this important sector. 

The meeting also discussed ways of enhancing the contribution of the lending sector to financial inclusion and delivery of financial services at marginalized, distanced, and rural areas and activating the role of the Palestinian Network for Small and Microfinance (Sharakeh) to conduct its role soundly and effectively in coordinating among specialized lending institutions.