RAMALLAH, March 3, 2011 (WAFA) - The Palestine Investment Fund (PIF) issued a statement Thursday denouncing the seizure of its branch and some of its properties in Gaza by a group of people under directions from Hamas.

The statement demanded Hamas to retract this step, which it considered harmful to the national economy in general and to the economy of Gaza in particular. It stressed that all these measures are illegal and invalid.

The properties seized include the Hanadi commercial building, an office complex which is rented out to a number of international organizations including the UNRWA and other UN organizations, the Gaza juice factory and the branch of the Palestinian Commercial Services Company (PCSC) owned by the PIF.

The PIF is a national Palestinian organization which works to build a strong and independent national economy in Palestine on a basis of sustainable economic development. The Fund executes its mission through investing in a group of strategic projects in vital economic sectors, creating thousands of job opportunities for Palestinians.

The statement indicated that the PIF has kept its projects operational in the Strip over the last period in order to maintain the income of about 200 Palestinian families which work in the Fund and its companies in Gaza, even though the projects do not bring in any income to the Fund, with most economic activity in the Strip ceasing due to the Israeli siege.

The Fund had helped in rebuilding and operating the juice factory after the damage it sustained from the Israeli aggression and siege imposed on Gaza. In addition, it helped the American School by covering emergency expenses of renting and furnishing a temporary location to enable it to continue its work, after it was destroyed by the Israeli attack in 2009.

The statement clarified that, with the exception of the abovementioned properties, the seizure did not and will not have any effect on the Fund’s financial situation and on its continuing to execute its tasks in developing the homeland by working to establish a strong and stable economy.

Over the last few years, the Fund has put ambitious plans in place to develop a group of extensive strategic projects in the Gaza Strip, but the Israeli siege prevented their implementation, according to the statement. Despite this, the Fund is always seeking to contribute to the development of the Gaza Strip.

F.J./M.A.