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Prime Minister and the PMA Governor Launch the "Bader" Program to Finance Workers
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Prime Minister and the PMA Governor Launch the "Bader" Program to Finance Workers

Prime Minister Dr. Mohammed Mustafa and Governor of the Palestine Monetary Authority Dr. Firas Milhem launched the "Bader" program to finance workers within the Green Line who are deprived of access to their workplaces. The event took place on Monday, at the headquarters of the PMA. The program aims to encourage workers to start new productive projects or develop their existing ones to empower them economically during the current circumstances.

The Prime Minister emphasized the importance of the new program in alleviating the immense suffering faced by workers who have lost their source of income for the tenth consecutive month. He pointed out that this program, along with other financial programs, contributes to economic empowerment and expands the productive base under extremely difficult and complex conditions facing the entire Palestinian cause. In his speech, he explained that the unjust piracy of Palestinian tax revenues has exacerbated the suffering and limited the government's ability to respond promptly to the crises caused by the war, which requires all relevant parties to think creatively about ways to strengthen people's resilience and protect their dignity.

The Prime Minister expressed his pride in the banking system, which has demonstrated its strength, resilience, and financial stability despite the destruction of its assets in Gaza and successive economic shocks. He noted that the government respects the independence of the Palestine Monetary Authority and will not interfere in the decisions it makes to maintain financial stability, protect depositors' funds and consumer rights.

In his speech at the launch event, Dr. Milhem explained that the program was initiated by the Palestine Monetary Authority in partnership with the Tasdeer Project and the Ministry of Labor. Under the program, eligible workers will receive a loan of up to 60,000 NIS without any interest or fees, with a flexible repayment period of 4 years and a grace period of 6 months. He pointed out that the funding program requires applicants to have an economic project idea, or to own an existing small or micro-enterprise. The loan must be used to finance working capital or cover operating expenses to achieve the project's goals.

 

Dr. Milhem emphasized that the financing program takes into account the conditions workers have endured over the past nine months and their impact on credit ratings. The program ensures equitable access to funding sources and stipulates that applicants must not have benefited from any previous sustainability projects in the last two years.

Billy Stewart, Director of Development at the British Consulate General in Jerusalem, said: "We are pleased to partner with the Palestine Monetary Authority and the Ministry of Labor in establishing this innovative credit mechanism, which will provide the necessary funding for Palestinian workers who have lost their livelihoods within the Green Line." He noted that the loan mechanism will help establish new productive projects, creating new job opportunities for many.

Naseem Noor, Head of the Tasdeer Program Team, stated that the "Bader" lending program falls under the Tasdeer Program's strategy and interventions to strengthen the Palestinian national economy and reduce unemployment. This program will enable hundreds of unemployed individuals to develop small enterprises in agriculture and productive sectors through zero-interest and zero-fee bank loans covered by the Tasdeer Program.

Minister of Labor Dr. Inas Al-Attari expressed her hope that the "Bader" program will create 500 new productive projects and support hundreds of existing projects owned by workers. This effort will drive the economy forward despite the current challenging circumstances, ultimately contributing to economic independence. She indicated that all directorates of the Ministry of Labor in the northern governorates are fully prepared to assist Green Line workers interested in registering on the "Monshati" platform to benefit from interest- and fee-free loans.

The new financing program targets officially organized workers within the Green Line who were forcibly laid off from their workplaces (those holding valid permits before October 2023). Partner banks in the program will start accepting applications from workers wishing to benefit from the program starting today. Workers can apply by entering the required information on the "Monshati" smartphone app or visiting the platform's website.

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