PMA Governor Sponsors ACAD Finance Company's Signing Ceremony
Under the sponsorship of H.E. Dr. Jihad Al Wazir, Governor of Palestine Monetary Authority, a signing ceremony for the establishment of ACAD Finance Company was held between the Arab Center for Agricultural Development "ACAD", European Investment Bank, International Solidarity for Development and Investment, Grameen Company for agricultural lending, and Triple Jump.
In his opening remarks, Dr. Al Wazir expressed his gladness for signing the agreement of the shareholders rights for a total amount of US$ 5.3 million for establishing ACAD Co. He also conveyed his appreciation of this project and the part it plays in enhancing the increasing role of the specialized lending institutions in promoting economic and social development, creating new jobs and reducing the levels of poverty and unemployment. Dr. Al Wazir also talked about the role of PMA in reinforcing the Small and Medium Enterprises (SMEs), and he referred to the Palestine International Banking Conference which was organized recently to develop and strengthen the capacities of small and medium-sized enterprises and to raise the awareness of the importance of these institutions and of the need to develop them. In particular, he referred to the recommendations of the above-mentioned conference to enhance the role of these institutions and to promote partnership with them.
ACAD Finance Company was founded to promote sustainable development in rural areas and support the pioneering small and micro projects throughout Palestine, with emphasis on women and farmers projects and the creation of sustainable businesses. The project will also strengthen and enhance the access of Palestinians to the financial sector's resources.