BREAKING NEWS

World Bank member revives Palestinian investment fund

By NADAV SHEMER

OCTOBER 24, 2011 17:21

The Multilateral Investment Guarantee Agency, a member of the World Bank Group, announced Monday the revival of a fund set up in 1997 to assist the Palestinian National Authority in attracting investment.

MIGA said its West Bank and Gaza Investment Guarantee Fund, which is sponsored by the Palestinian Authority and the Japanese government, will support the development of two Medjool date palm farms in Jericho, with the aim of revitalizing the local agriculture sector. The fund will provide investment guarantees of $4.8 million to a consortium of Palestinian investors who plan to invest $15 million over the next two years. The project is being implemented by Nakheel Palestine for Agricultural Investment.

This is only the second time since its establishment in 1997 that the MIGA-administered fund has been able to support an investment, Executive Vice President Izumi Kobayashi said. “Despite great efforts, we have found that investors remain deeply concerned about political uncertainties," he added. "We hope that the Trust Fund’s participation in this project will help generate interest from other potential investors in the agriculture sector in the West Bank.”

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