EBRD to boost trade in West Bank and Gaza
US$ 2 million facility to Quds Bank
The EBRD is helping Palestinian exporters and importers by providing US $2 million in trade financing to Quds Bank under EBRD’s Trade Facilitation Programme (TFP).
The financing will help Quds Bank to diversify its trade finance business, increase available limits and offer longer-term maturities to its customers.
Quds Bank is the third-largest commercial bank in West Bank and Gaza and has been listed on the Palestine Exchange since 1997.
A technical assistance package, financed by the EBRD’s West Bank and Gaza Trust Fund, will support Quds Bank strengthening its skill-sets in trade finance, anti-money laundering and combating the financing of terrorism.
Mike Taylor, the EBRD Director for Financial Institutions of the southern and eastern Mediterranean region, said: “We are delighted to welcome Quds Bank into our network. This trade finance line is our third today in West Bank and Gaza and will support Palestinian exporters and importers and further enhance the financial skills of Quds Bank.”
Salah Hidmi, CEO of Quds Bank, added: “Today’s agreement represents a milestone for our bank not only in financing trade transactions but also in strengthening knowledge about trade finance instruments among our customers through online courses that the EBRD has made available to our staff and clients. Moreover, we expect this agreement to widen the relationships of Quds Bank with other correspondent banks.”
Launched in 1999, the EBRD’s Trade Facilitation Programme aims to promote foreign trade to, from and among the economies in which the EBRD invests. Through the programme, the Bank provides guarantees to international confirming banks, short-term loans to selected banks and factoring companies for on-lending to local exporters, importers and distributors.
The TFP currently includes 100 partner banks in 27 economies, with limits exceeding €1.5 billion in total and more than 800 confirming banks worldwide.
In 2017, the EBRD started investing in the West Bank and Gaza. To date, three projects have been signed for a total amount of €14 million.