On Thursday, the Palestinian Ministry of Planning and International Cooperation finalised an agreement with the World Bank, securing a $19.7 million fund under the Palestinian Emergency Finance Facility (PEFF).
This funding is earmarked to support the continuity of crucial public services in the education and health sectors in the West Bank.
The agreement, signed at the General Secretariat of the Cabinet in Ramallah, received backing from France and the UK through the Palestinian Resilience and Economic Support Umbrella (PURSE), a multi-donor trust fund managed by the World Bank since 2021 aimed at fostering sustainable recovery, economic reform, and social resilience in both the West Bank and Gaza Strip.
Palestinian Minister of Planning and International Cooperation, Wael Zaqout, highlighted the importance of this contribution amidst ongoing challenges exacerbated by military actions against Palestinians in Gaza and ongoing aggressions in the West Bank, coupled with the Israeli government’s withholding of Palestinian tax revenues.
Zaqout called on the international community to maintain sustainable partnerships and support to ensure service continuity for the Palestinian people during these challenging times.
Steffen Hertog, the World Bank’s Director in the West Bank and Gaza, expressed pride in the partnership aimed at aiding the Palestinian people, especially as it aligns with shared priorities during critical times.
He added that the new funding of $19.7 million supplements a recent $30 million grant from the World Bank under the same PEFF project.
This cooperation underscores the importance of continued partnership during crises, safeguarding vital institutions, and providing essential services like education and health amid economic downturns caused by the war on Gaza and ongoing Israeli assaults in the West Bank including Jerusalem, reduced customs revenue transfers, and declining local revenues exacerbating the existing financial crisis.
Furthermore, the new grant will provide emergency financial support to ensure the continued employment of public sector workers, contributing to the maintenance of vital services and the protection of human capital.
Nicolas Cassianides, the French Consul General in Jerusalem, affirmed France’s contribution of €8 million to the emergency budget to meet the urgent and vital needs of the Palestinian people, emphasizing the deep economic crisis significantly impacting the education system and the right to education.
