World Bank lends Palestine $10 million

The World Bank ratified a loan for Palestine worth $10 million in order to assist it in setting up the first industrial area in Al Mentar area in Gaza and which will provide 50,000 job opportunities.

The WB said the loan will be repaid over a period of 40 years starting ten years after receipt of the loan. This industrial area will cost about $84.5 million and will help establish an infrastructure to give provide investments with more security. It will also provide 20,000 indirect job opportunities.

The Paletinian statement said that Palestine provided the project with land worth $13.5 million and that the European Investment Bank will offer the project $5 million, and the US Agency for International Development (USAID) will offer it $6.3 million.