The World Bank has allocated US$90 million to accelerate much-needed economic welfare for the Palestinian people. The funds, in the form of grants, will be transferred from the Bank’s own income to the dedicated Trust Fund for Gaza and West Bank.
World Bank interventions in Gaza will provide humanitarian and development aid, with a focus on private sector for job creation in the immediate term, and institutional reforms to mitigate the residual risks faced by investors in an uncertain and fragile environment.
World Bank Country Director for West Bank and Gaza, Marina Wes said, “Building on its partnership with the Palestinian Authority, the World Bank will continue its support in strengthening the institutions to efficiently manage public finances and deliver services to citizens. To accelerate growth, private investment and job creation are central to the Bank’s approach.”
A new grant to an emergency cash for work intervention will provide training and work experience to youth and women with university degrees, 60 percent of whom are unemployed, in social care services to the most vulnerable.
The World Bank is considering new strategies to foster greater economic opportunities, private investments, matching skills to markets, and job creation.