The Governor of Palestine Monetary Authority (PMA) met today the Special Representative of the United Nations Development Program (UNDP)

The Governor of Palestine Monetary Authority (PMA) Dr. Feras Milhem met today the Special Representative of the United Nations Development Program (UNDP), Ms. Yvonne Helle and her accompanying delegation. In the presence of the Deputy Governor, Mr. Mohammad Manasrah, and the Executive Director of the Financial Stability Group, Mr. Eyad Zeitawi.

In the meeting, the governor asserted on  the latest developments in the Palestinian banking sector, and the efforts made by the PMA to maintain stability and development of the banking sector. Mainly in light of the current economic crisis, as a result of the outbreak of the Coronavirus.

Furthermore, during the meeting with Ms. Helle the governor shed the light on the most important measures taken by the PMA, to mitigate the repercussions of the Covid-19 crisis on the affected groups’, and how the PMA provided resources that supported the social safety net for the segments that were affected by the pandemic. Significantly, the Sustainability Fund (Estidama), that was established to provide Financing for projects, medium, small, and micro-enterprises (MSMEs).Where the restructuring and the converting of the Fund into a permanent one, recently took place. Hence covering wider segments of various economic sectors. Additionally the Governor indicated that $ 10 million has been allocated to the micro-enterprise financing program. Thus, around 1000 projects will benefit from the Fund, at zero cost.

The two sides discussed the joint efforts regarding the preparation to launch an electronic platform. That provides technical support to enterprises and MSMEs. In the aim to help them manage their projects in the right ways, to ensure their success and to facilitate their access to sources of financing.

The Special Representative of the UNDP emphasized on the willingness of the UNDP to provide assistance in everything that serves the development of the MSMEs. Noting on the need to strengthen the joint cooperation between the two sides in the development and growth of the banking and economic sectors.