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World Bank Provides Grant to Help Palestinian Economy
The World Bank said Wednesday, December 6, that it has approved a grant to the Palestinian Authority in the amount of US$12 million for an Emergency Response Program designed to help offset the effects of the current economic crisis in the West Bank and Gaza.
The present crisis has caused severe economic shocks to the Palestinian economy that calls for a rapid response by the donor community, the Bank said. The Emergency Response Program will aim to alleviate hardships for thousands of families. The grant is intended to serve as a catalyst for other donors to participate through parallel or joint contributions for further activities.
"This is a highly unusual move for the World Bank, since the Bank usually provides loans rather than grants. However, the severe economic shock affecting the Palestinian economy calls for a rapid response that should not impose further financial burdens on the Palestinian Authority," said Joseph Saba, World Bank Director for West Bank and Gaza.
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