IFC invests in housing and tourism in West Bank and Gaza
Palestine, Economics, 4/23/1999
The International Finance Corporation signed on Thursday agreements to invest a total of $ 28.4 million in the West Bank and Gaza, including $19 million for a housing project and $9.35 million for a tourism project.
The investment in the Palestinian Mortgage Housing Corporation (PMHC), a joint IFC-World Bank project, will help alleviate the acute need for housing in the West Bank and Gaza. IFC's investment includes a loan of up to $15 million and an equity investment of up to $4 million, which would represent 20% of the company's share capital. The world bank has provided cofinancing to PMHC in the form of a $17 million loan.
The project, to cost $72 mln, will generate around 3,400 jobs annually from increased demand for housing construction.
IFC projects in the West Bank and Gaza help generate employment, increase foreign exchange earnings and, most importantly, build institutions.
In fiscal year 1999, IFC approved close to $30 million in financing for four projects in the agribusiness, housing, and tourism sectors of the West Bank and Gaza. Total project costs are estimated at $132.2 million. Since its lending program for the West Bank and Gaza began in 1994, IFC has approved 13 investments worth over $459 million in total project costs. Of this, IFC has directly financed $130 million.
IFC, part of the World Bank Group, fosters economic growth in the developing world by financing private sector investments, mobilizing capital in the international financial markets, and providing technical assistance and advice to government and businesses.
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