Prime Minister Mohammad Mustafa and the European Union Representative Alexander Stutzmann chaired the 7th meeting of the European-Palestinian Investment Platform today, Monday, at the Prime Minister’s Office in Ramallah, in the presence of representatives of Palestinian and European public institutions, as well as the Palestinian private and banking sectors, to discuss investment opportunities through various European instruments.

The Prime Minister pointed out the government's priorities during the coming period, which are enhancing relief and humanitarian efforts for our people in the Gaza Strip, restoring basic services, early recovery and reconstruction immediately after the aggression stops, achieving financial and economic stability, in addition to institutional reform and the development and improvement program in order to raise the level of services and develop it.

Mustafa said: “This platform is a good example of cooperation with international partners and the private sector, and we want to enhance cooperation and support international partners and friends in the next stage, once the aggression against our people stops, to implement the comprehensive plan for the reconstruction of Palestine.”

For his part, the European Union Representative Alexander Stutzmann said: “In these difficult political and economic times, the European Union confirms its strong commitment to supporting the Palestinian government and people’s programme to achieve economic recovery and stability, and to continue supporting reform efforts.”

“The Palestinian Financial Sustainability Initiative is a concrete step toward empowering the Palestinian private sector and creating opportunities for economic recovery across the occupied Palestinian territory, enhancing access to finance for Palestinian small, medium and micro enterprises, with a focus on Area C, East Jerusalem and, when conditions permit, the Gaza Strip, which continues to face a dire humanitarian and economic situation. However, sustainable economic development cannot be fully achieved without a political solution,” Stutzman added.

“The European Union remains steadfast in its support for a two-state solution with an independent, viable and sovereign Palestinian state, and that economic progress and a political solution go hand in hand, and today’s investment is a testament to our belief that promoting stability and growth is an essential part of this vision,” he continued.

The European Union and the European Investment Bank, together with the Palestine Monetary Authority, signed a €28.3 million agreement to support the Palestinian Financial Sustainability Initiative and finance Palestinian small, medium and micro enterprises, with a focus on Area C, East Jerusalem and the Gaza Strip.

The initiative confirms the commitment of the European Union and the European Investment Bank to support the government’s efforts to stabilize the Palestinian economy in the current difficult situation, in line with the Palestinian government’s reform agenda. The Palestinian private sector in the West Bank, including East Jerusalem, and the Gaza Strip will directly benefit from this initiative, which will also contribute to the recovery and growth of the Palestinian economy, while confirming the European Union’s engagement in supporting the reconstruction and economy in Gaza, as soon as this becomes possible.

The EU-Palestine Investment Platform serves as a collaborative mechanism to identify and promote investment opportunities, leverage the EU External Investment Plan and mobilize public and private finance for Palestine’s development priorities. In this context, the EU, its Member States and European financial institutions have contributed nearly €1.15 billion in ongoing loans and innovative financial instruments to vital sectors of the Palestinian economy since its launch in December 2020 as an EU-Palestine collaborative initiative.