US agency, Palestinian firm sign risk insurance deal for Palestinian exporters

May 22, 2008 12:56

A US government agency and a Palestinian insurance company will offer risk insurance to Palestinian exporters. The agreement between the OPIC agency and the National Insurance Co. was signed Thursday at a West Bank business conference meant to encourage investment in the Palestinian areas. The Palestinian economy has been severely hampered by Israeli restrictions on Palestinian trade imposed after the outbreak of a Palestinian uprising in 2000. Delays at checkpoints often make it difficult for Palestinian exports to deliver their goods on time. The new risk insurance program offers exporters up to $75,000 per claim. The Palestinian insurance company pays the first $10,000 of a claim, and OPIC and another partner cover the rest.

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