Palestine Monetary Authority Launches a Series of Educational Videos on How to Manage and Develop Small and Medium Enterprises
December 22, 2020 – Palestine Monetary Authority has posted a series of educational videos on how to manage and develop SMEs on its website www.pma.ps and throughout social media, including its Facebook page. The videos are prepared by Palestine Monetary Authority’s departments’ staff. They aim to introduce those who wish to start a small or medium enterprise to ways of managing and developing their businesses in accordance with scientific and professional standards, thus ensuring the success of their businesses and avoiding risks.
The educational videos explain how to prepare a business feasibility study and ensure that the business is efficient before an entrepreneur starts implementing it. They also address the mechanisms to access the appropriate sources of financing for each type of business, whether through self-financing or through banks or lending institutions’ financing. The videos also address how to establish, manage and operate a business all the way to the stage of production and marketing.
Palestine Monetary Authority established the “Sustainability” Program in 2020 to provide financing for SMEs economically affected by Covid-19 pandemic. The size of the Program was $300 million and was implemented through banks and specialized lending institutions. The Program allowed affected SMEs access to low-cost financing to overcome the health crisis, maintain sustainability of operations and increase capacity to maintain their personnel.
SMEs are among the economic sectors that are of great interest to all countries of the world and organizations and international and regional bodies and researchers in light of global economic changes and transformations, due to their pivotal role in production, employment, income generation, innovation and technological progress in addition to their role in achieving economic development and social welfare of all countries. SMEs – defined as the enterprises that employ a maximum of 25 people and have an annual turnover of no more than $7 million - make up 95% of the Palestinian economy.