Bank of Palestine today signed two partnership agreements with PROPARCO, the investment arm of the French Development Agency, and FISEA+, with a total value of 1,340,000 euros, to support Palestinian entrepreneurs through the "Intersect" incubator, the pioneering arm of Bank of Palestine, in addition to enhancing digital transformation in Palestine, and supporting small and medium enterprises.

In light of the Palestinian economy being affected by the repercussions of the war on Gaza, and the escalation of tensions in the Middle East, this agreement will contribute to enabling Bank of Palestine to provide a flexible ecosystem for entrepreneurship, by supporting the activities of the "Intersect" incubator for local startups and entrepreneurship programs and improving the innovation environment, in addition to continuing to support small and medium enterprises, which constitute the backbone of the Palestinian economy, to help them access the necessary digital tools.

Under this agreement, an amount of one million euros will be provided to the "Intersect" incubator, to enhance the innovation system, and support its various activities to expand geographically In Palestine, especially in Nablus, Hebron, and the Gaza Strip (when the war ends), in addition to

overcoming the obstacles and challenges facing local entrepreneurs, including technology startups, by providing resources, an incubation program, mentoring, and networking opportunities.

The second agreement also provides technical support in the amount of 340,000 euros to Bank of Palestine to enhance the digital transformation in electronic banking and financial services provided by the bank to more than 2,000 of its small and medium-sized enterprise clients, which are essential solutions for their businesses; including payments, electronic transactions: such as money transfers, employee payrolls, and paying utility bills, which will contribute to maintaining the continuity of economic activity under difficult circumstances.

“The Palestinian economy has proven its resilience in many respects, thanks to the commitment of the Bank of Palestine, which has chosen to support local entrepreneurs. Today, Proparco confirms its support to the Bank of Palestine and I am certain that these two technical assistance grants will have a tangible and positive impact on the Palestinian entrepreneurial ecosystem,” said Françoise Lombard, CEO of PROPARCO. In turn, Hashim Shawa, Chairman of the Board of Directors of Bank of Palestine Group, stressed the importance of these agreements, which will contribute significantly and effectively to strengthening the entrepreneurial and innovation ecosystem in Palestine, embracing entrepreneurial programs, encouraging entrepreneurial activities, and positively impacting the youth community and the Palestinian economy in cooperation with all partners, through the Intersect Incubator, noting that we have taken advanced steps to enable Palestinian innovators to learn about global expertise closely, and to move Palestinian entrepreneurship to the global entrepreneurship platform. The agreement also supports strengthening the position of digital transformation in the banking sector, to provide the best electronic financial solutions and services, to meet the needs of customers from project owners and small and medium-sized companies, which in turn will contribute to enabling the economy to recover, recover and grow in light of the critical circumstances and crises facing our economy.

Bank of Palestine is the leading banking group in Palestine, seeking to achieve a positive impact, in line with the sustainable development goals, starting from renewable energy projects to comprehensive initiatives that focus on gender empowerment.

It is worth mentioning that the Bank of Palestine’s partnership with the French Development Agency (AFD) Group, including Proparco, which extends over 12 years, includes many initiatives, and this strategic relationship between Bank of Palestine and the French Development Agency represents a major cooperation for the benefit of economic development and the improvement of financial services in Palestine.

About Proparco

Proparco, a subsidiary of the French Development Agency, has been working with the private sector for more than 45 years, to achieve a more just and sustainable world. Proparco works closely with its partners through an international network of 23 local offices, to find sustainable solutions that respond to environmental and social challenges in Africa, the Middle East, Asia and Latin America. Proparco harnesses sector expertise in addition to a wide range of financial solutions specifically designed to meet the different stages of business development, thanks to the programs provided by its two affiliated institutions, Digital Africa and Propulse, for technical support, aiming to expand the impact and performance of its partners. Through its new strategy “Working together for greater impact” for the years 2023-2027, Proparco contributes to enabling, strengthening and expanding the various mechanisms through which it works with its partners.

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Media contact: Florian Ballack / [email protected]

Learn more: http://www.proparco.fr/en/strategy.

For more information, go to: http://www.proparco.fr/en , @Proparco and LinkedIn

About FISEA:

The FISEA Fund was created by the Agence Française de Développement (AFD) Group in 2009, with the aim of promoting economic growth and the creation of SMEs in Africa. In early 2021, the FISEA+ initiative took over the management of the FISEA Fund, with an additional investment capacity of €210 million, in addition to a guarantee from the European Union under the EFSD+ programme. Taking into account changes in market needs, FISEA+ has set specific investment targets for fragile states, social and solidarity projects and SMEs integrating digital innovation. FISEA+ comes with an ambitious €21 million technical support programme, provided by the French Ministry for Europe and Foreign Affairs and the European Union, to support SMEs, both directly and through investment funds. FISEA+ is part of the French initiative “Choose Africa”, reflecting France’s commitment to supporting entrepreneurship in Africa.

About Bank Palestine

Bank of Palestine was established in 1960 and is headquartered in Ramallah. Bank of Palestine is a commercial bank listed on the Palestine Stock Exchange and is subject to the supervision and instructions of the Palestine Monetary Authority. It is the first and largest national bank among 13 financial institutions operating in Palestine, with total assets of $7.126 billion and a market share exceeding one-third of the Palestinian banking sector in terms of customer deposits and credit facilities. The bank has a leading banking network of 101 branches spread throughout Palestine, providing its services to more than one million customers, including individuals, companies, small and medium-sized enterprises, and public sector institutions, through a diverse and wide range of distinguished banking services, such as retail banking services, corporate banking services, digital and mobile banking services, in addition to subsidiary activities and programs. The bank also plays a leading role in lending to small and medium enterprises, and is a major contributor to promoting financial inclusion, sustainability, and entrepreneurship in Palestine.

Contact person for Bank of Palestine Group: Rateb Al-Rabi/ [email protected]

For more information, please visit the website, LinkedIn, Instagram, Facebook and YouTube.