Palestine Monetary Authority Signs MoU with the Consulate General of Italy

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 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.

Dr. Al Wazir said that the signing of the MoU comes within the context of current economic cooperation between the Palestinian government and the Italian Republic. Moreover, it is part of the PMA efforts to become acquainted with 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.  

Dr. Al Wazir added that 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. 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).