PMA and UNDP convene “Monshati” Partners Forum

The Palestine Monetary Authority (PMA) along with the United Nations Development Programme (UNDP) , in cooperation with the Federation of Chambers of Commerce, and Industry, organized a ceremony for “Monshati” Partners Forum at the PMA headquarters in Ramallah. The ceremony aimed at celebrating the recent partnerships of the “Monshati” platform in the public and private sectors, as well as presenting the achievements of the “Istidama” Fund.

The ceremony was inaugurated by the PMA Governor, Dr. Firas Melhem, Special Representative of the Administrator of UNDP, Ms. Yvonne Helle, and Deputy Governor of PMA, Mohammad Manasrah, in the presence of “Monshati” platform partners.

The Forum included a presentation of services provided by the “Monshati” platform, through facilitating the access to financing sources for micro, small, and medium-sized projects through sustainability programs. In addition, “Monshati” provides legal services, and specialized technical support services for sectors, such as agriculture, food production, and handicraft sectors, as well as business development services which are provided by Chambers of Commerce.

During his speech at the Forum’s opening ceremony, the PMA Governor expressed his pleasure of their partnership with the UNDP within the “Monshati” platform, stressing the significance of recent partnerships and the cooperation between the public and private sectors in fulfilling the needs of owners of micro, small, and medium-sized projects, and shifting them from the informal market to the formal market. He clarified that “Monshati” was able to provide more than 35 training courses for over 1000 trainees. He also  called for intensifying cooperation between all partners to support and empower projects through initiatives.

Dr. Melhem discussed the contribution of PMA to economic growth through a sustainable program, pointing out that the success of providing funds for the MSMEs sector needs to be accompanied by substantive, legal, and technical support, to enable such sectors to fulfill their potentials. This can be fulfilled through services and partnerships within “Monshati”, indicating that the PMA will enhance the regulatory framework by initiating the issuance of new instructions for the licensing of microcredit banks.

The PMA Governor explained that the sustainability program was able to support about 2,800 projects so far with a financial coverage reaching about $148 million, as well as providing new sources of funds through the signed lending agreement with the European Investment Fund at a value of $192 million, which aims at financing various projects for longer periods of up to 10 years, focusing on the Green Financing Sector, and technological development.

On the other hand, the Special Representative of the Administrator of UNDP, Yvonne Helle, stated that the national framework for micro, small, and medium enterprises, “Monshati,” came as a result to a strong cooperation between UNDP, PMA, and the Prime Minister’s Office, aiming at directing all enterprises to the relevant support channels. Moreover, it came to ensure their access to legal, financial, and technical assistance, while ensuring equal opportunities and access to business-related information. Ms. Helle explained that “Monshati” is not just a platform, but rather an inclusive national framework for coordination between support channels for enterprises to facilitate their path towards success.”

It is worth mentioning that the services of “Monshati” are provided through a virtual platform, including a network of local partners that provide specialized legal, financial, and technical support, as well as facilitating the access to financing sources and investment opportunities. This aligns with the strategic national efforts to develop productive sectors, especially micro, small, and medium enterprises in order to raise their productivity and competitiveness to become more responsive to the requirements of local and international markets.