During the launch of the Green Economy Financing Facility (GEFF): Al-Amour: Green financing enhances the resilience of enterprises

Ramallah - Ofoq News The Minister of National Economy, Muhammad Al-Amour, stressed the importance of green financing in enhancing the resilience of Palestinian enterprises, reducing operating costs, raising competitiveness, and supporting the transition towards a more sustainable economy.

This came during the launch of the Green Economy Financing Facility (GEFF), in the presence of the Governor of the Palestine Monetary Authority, Yahya Al-Shannar, Mario Giuseppe Farenti, Head of the European Union Cooperation Department, Katerina Bjorlin Hansen, Head of the European Bank for Reconstruction and Development’s office in Palestine, and the private sector and partner financial institutions.

Al-Amour pointed out that the Palestinian economy faces serious challenges as a result of Israeli measures, most notably the withholding of clearing funds, movement and trade restrictions, and settler attacks, stressing the importance of providing the necessary funding to enable establishments to continue, grow, and face these challenges.

He praised the support of the European Union and the European Bank for Reconstruction and Development, explaining that since the start of its work in the West Bank and Gaza Strip in 2017, the bank has supported 36 private sector projects with a total value of 185.5 million euros, in addition to providing advisory and training services to small, medium and emerging enterprises.

Al-Amour stressed that the Ministry of National Economy, in partnership with relevant authorities, is leading efforts to prepare a national strategy for the green economy, which aims to define sectoral priorities, direct investments towards sustainable activities, and enhance Palestinian enterprises’ access to green financing.

The Minister said: With regard to the Ministry of National Economy specifically, through our partnership with the European Bank, a comprehensive insolvency law has been prepared, building on the positive results achieved by the new companies law, which aims to give the Palestinian business environment greater clarity and the ability to enhance its resilience.

He stressed the importance of continuing partnerships with international institutions and the private sector to build a more sustainable, resilient and inclusive Palestinian economy.

At the conclusion of his speech, Al-Amour expressed his appreciation to the European Union, the European Bank for Reconstruction and Development, the Palestinian Monetary Authority, partner financial institutions and the private sector, appreciating their efforts in supporting the Palestinian economy, and stressing the importance of continuing joint work to build a green, more sustainable, resilient and inclusive Palestinian economy.