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Palestine Monetary Authority Signs Memoranda of Understanding with Four Development Institutions Aimed at Empowering Women Entrepreneurs and Promoting Financial Inclusion

Palestine Monetary Authority Signs Memoranda of Understanding with Four Development Institutions Aimed at Empowering Women Entrepreneurs and Promoting Financial Inclusion

Ramallah and Al-Bireh Governorate, November 2, 2021 - The Governor of Palestine Monetary Authority, Dr. Feras Milhem, signed today memorandum of understanding with four development institutions to expand the framework of cooperation to achieve the relevant objectives to empower women entrepreneurs and qualify them to break out of poverty and integrate them into the labor market. By enabling them to access and use financial services according to their needs and to promote financial inclusion and economic development.

The four institutions are the Businesswomen's Forum, represented by Mrs. Shua’a Murar, the Chairwoman of the Board of Directors; the Palestinian Businesswomen’s Association – Asala, represented by Mrs. Nasrin Hanbali, the Chairwoman of the Board of Directors; Cowater International represented by Mrs. Safa’a Abdulrahman-Madi, the Director of Grow Project, and Save the Children represented by Ms. Sandra Rashid, the Director General of Programs Development and Quality.

Dr. Milhem said that strengthening the financial culture and financial inclusion was one of the most important strategic objectives that Palestine Monetary Authority sought to achieve, along with ensuring the safety and stability of the banking system and its supervision, and encouraging economic growth, for all groups of society, especially the marginalized groups. Dr. Milhem stressed the importance of empowering women economically and supporting all enterprises, especially micro-enterprises.

To empower women economically, a range of joint events and activities will be implemented, such as training and awareness programs targeting women entrepreneurs, as well as providing material resources and other resources for the implementation of awareness programs, financial and gender education, which will contribute to raising women's awareness of economic and financial rights, particularly with regard to banking awareness, as well as facilitating women's participation and use of digital financial services such as e-wallets not only in financial payment, but also in empowering qualified women to become agents of licensed payment companies, said Dr. Milhem. In addition, to facilitate access of micro and medium enterprises headed by women to financing through Sustainability Fund and other similar funds or programs launched by Palestine Monetary Authority, and to address any obstacles faced by women entrepreneurs benefiting from such services, added Dr. Milhem.

Mrs. Shua’a Murar noted that the Businesswomen’s Forum sought to increase the participation of women as leaders in the economy and encourage women to start businesses with the aim of achieving economic empowerment of women. Mrs. Murar explained that the memoranda of understanding would contribute to building financial capacity, introducing joint programs and promoting financial and banking awareness of women.

Mrs. Nasrin Hanbali said that the signing of the memoranda of understanding came as part of Asala's commitment to its objectives, mission and vision, that were based on developing women's skills and enhancing their ability to achieve equal rights and opportunities, especially in marginalized areas, enabling women socially and economically, and contributing to solving the problem of unemployment and promoting economic growth.

Mrs. Safa’a Abdulrahman-Madi stressed the need to work to enhance access of businesswomen to financial services provided by different parties in the financial sector, and the importance of developing the legal environment and removing all obstacles facing businesswomen. Mrs. Madi praised Palestine Monetary Authority for targeting women through Sustainability Fund and providing funding for their businesses on favorable terms

Mrs. Lubna Iskandar of Save the Children pointed out that the participation rate of women in the official workforce did not exceed 19%. Mrs. Iskandar also stated that women faced gender bias and economic and social barriers that prevented young women from participating in the development of trade and agriculture businesses. She stressed the importance of strengthening joint cooperation with Palestine Monetary Authority to work on training and awareness programs targeting women entrepreneurs and businesswomen and increasing their awareness of social, economic and financial rights.

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