World Bank agency revives PA investment fund

Multilateral Investment Guarantee Agency announces revival of fund set up in 1997 to assist Palestinian Authority in attracting investment.

By NADAV SHEMER
October 24, 2011 23:49
1 minute read.
Red Sea.

Red Sea 311. (photo credit: Ariel Jerozolimski)

 
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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 Authority in attracting investment.

MIGA said its West Bank and Gaza Investment Guarantee Fund, which is sponsored by the PA 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 $15m. over the next two years. The project is being implemented by Nakheel Palestine for Agricultural Investment.

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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 said. “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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