World Bank Adopts Plan to Support Palestinian Economy for 4  Next Years

The World Bank (WB) announced today, Friday, that its Board of Directors approved a new strategy to support the Palestinian economy within the next four years.

The WB issued a statement that said the new strategy continues sustaining ways of earning a livelihood and offering civil services.

The plan also gives more attention to build up transformational investment to construct a Palestinian economy to harvest long-term gains.

The World Bank stressed that the new strategy concentrates on the welfare of the Palestinian people, especially the poor and marginalized categories, youth and women.

It is worth noting the World Bank group comprises    International Finance Corporation (IFC) and Loan Guarantee Corporation.

The WB statement added that a new strategy sustains the Palestinians' ability to cope with crises, offer aids for economic recovery and social relief through programs of emergency of social protection and a special plan known as" money for work.

Programs of social response aim at strengthening the flexibility of manpower and its capabilities to improve opportunities of work to upgrade services of education and health care.

The plan of the World Bank pledges to support small and medium enterprises and start-ups, in order to preserve jobs and business continuity. "

Authors of the WB plan pointed out that the new strategy helps support efforts for a well-connected Palestine so that it becomes more integrated into regional and global markets.

The World Bank strategy also seeks to strengthen the financial sustainability of local bodies and their ability to provide services, narrow the gender gap, enhance capacity to face the effects of climate change, and deepen citizen participation.

Director and Resident Representative of the World Bank in Palestine, Kanthan Shankar said that "due to the continuing fragile situation exacerbated by the Corona pandemic, the ability of the Palestinian economy to adapt to shocks must be strengthened immediately."

He added, "The new World Bank strategy will protect lives and livelihoods, and will place the job creation agenda at the forefront of its goals."