BREAKING NEWS

Israel to permit European reconstruction bank to operate in Palestinian territories

DECEMBER 8, 2014 15:12

Israel has agreed for the European Bank for Reconstruction and Development (EBRD) to operate in Palestinian territories for the first time, EBRD President Sir Suma Chakrabarti told The Jerusalem Post on Monday.

Israel is one of 66 shareholder countries in the EBRD, a development bank founded in 1991 to help rebuild post-soviet economies. In order to take on new target countries, all shareholders must agree on it. Israel was the only country expected to block its expansion into Palestinian territories, so its go-ahead signals their likely inclusion in the future.

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