International Bank gives loan to non-governmental Palestinian organizations

A well-informed source in the International Bank (IB) confirmed that the board of directors of the bank agreed on allocating a 10 million dollar grant to set up a fund that would support the non-governmental organizations (NGO) working in the West Bank and Gaza Strip. It will be the first fund in the region to be run by an independent organization away from the governmental intervention.

Yengel Roberts, head of IB Programs in Palestine said that there are about 1,400 NGO's in Palestine, 200 of which are international organizations. He added that it is the first time the bank has agreed on allocating direct grants to an NGO.

The capital of the fund is 14.5 million dollars, of which 2.5 million dollars came from Saudi Arabia, 2 million from Italy, and 300,000 from the cooperation institution that was set up by a number of wealthy Palestinians in Geneva.