The Governor Participates in the Opening of a Workshop on “Improving Mortgages in Jerusalem Governorate”

December 8, 2020 - His Excellency the Governor of Palestine Monetary Authority, Mr. Azzam Shawwa, has virtually taken part in the opening of a workshop on “Improving Mortgages in Jerusalem Governorate: Opportunities and Challenges,” organized by the Ministry of Jerusalem Affairs. His Excellency the Minister of Jerusalem Affairs, Mr. Fadi Al-Hidmi, the Representative of the European Union, Mr. Joris Heeren, the representative of the United Nations Development Program (UNDP), Mr. Sofian Mshasha’a, a number of representatives of international donor organizations, the regional directors of banks operating in Palestine, and Palestine Monetary Authority officials have also participated in this event.

Mr. Shawwa said in his opening remarks that Jerusalem Governorate and its people had been the focus of Palestine Monetary Authority in all aspects that enhanced their resilience. Mr. Shawwa also stated that Palestine Monetary Authority had taken several measures to encourage banks to provide services in Jerusalem Governorate and to align products in accordance with the specific situation of Jerusalem residents. This is consistent with Palestine Monetary Authority’s strategy to enhance the delivery of banking services to all Palestinian areas, which is evident in a network of 24 branches in Jerusalem Governorate, including 6 branches in East Jerusalem, and the amount of credit granted in the Governorate, according to Mr. Shawwa.

Palestine Monetary Authority welcomes all efforts to alleviate and overcome the obstacles faced by Jerusalem Governorate; as well as permanent coordination between relevant authorities in order to safeguard public interests, the Palestinian economy, the banking sector in general, the banking sector in Jerusalem Governorate in particular- especially with regard to the obstacles faced by banks in providing services to the residents of Jerusalem Governorate, housing services and the technical and legal problems associated with housing services, says Mr. Shawwa.  

Mr. Shawwa thanked the European Union, UNDP, international donor organizations and banks for their cooperation and their constant support for Jerusalem Governorate and all that enhanced the resilience of its people and their rights.

The workshop discussed several topics, including the mechanism of facilitating easy and efficient mortgages and low interest rates to enable Jerusalemites to buy or build their homes, and the possibility of creating a financial portfolio to help Jerusalemites pay interest on loans from financiers and donors. And identify the incentives that the lending sector and financial institutions need to encourage Jerusalemites to borrow (e.g. tax exemption).