PMA and European Union Hold 4th Working Group meeting of the SMEs Financing

The PMA, in collaboration with the European Union, held the 4th Working Group meeting of the SMEs Financing as part of the EU-Palestine Investment Platform.

The meeting, held at the PMA headquarters in Ramallah, aimed to enhance financing opportunities for small and medium-sized enterprises (SMEs), recognizing their crucial role as a key driver of economic growth in Palestine.

The meeting was inaugurated by His Excellency Mr. Yahya Shunnar, the PMA Governor, and Mr. Ibrahim Laafia, Head of Cooperation at the European Union, with the participation of representatives from the Ministry of National Economy, Ministry of Industry, Ministry of Planning, the Federation of Chambers of Commerce, the Palestine Investment Fund, the Capital Market Authority, and the Association of Banks in Palestine, as well as banks, specialized lending institutions, credit guarantee funds, international donor and banking organizations.

In his opening remarks, the PMA Governor emphasized the importance of supporting small and medium-sized enterprises (SMEs) as a key driver of economic development and stability. He highlighted various initiatives and interventions aimed at fostering SME growth and stressed the need for innovative financing solutions to overcome current challenges.

For his part, the EU representative reaffirmed the European Union’s commitment to supporting the Palestinian economy and strengthening partnerships with local and international financial institutions to facilitate access to financing.

During the meeting, a cooperation agreement was signed between the PMA and the European Investment Bank (EIB) to provide technical assistance aimed at improving access to financing for small and medium-sized enterprises (SMEs). The agreement also focuses on developing new financial instruments to support the sustainability and growth of these enterprises.

The meeting included panel discussions featuring experts and representatives from financial institutions, focusing on identifying the challenges faced by small and medium-sized enterprise (SME) owners. Discussions also explored strategies for revitalizing their commercial and industrial activities and improving access to affordable financing. In addition, participants reviewed successful case studies and innovative financing models designed to support SMEs growth.

It is worth noting that the EU-Palestine Investment Platform was launched in 2020 to enhance cooperation between Palestinian and international financial institutions and coordinate efforts to boost investment in Palestine. This meeting is part of ongoing efforts to strengthen the resilience of the private sector and support SMEs, recognizing them as a key driver of economic growth.