WASHINGTON, May 9, 2012 (WAFA) – The World Bank supported the Palestinian private sector in the West Bank and Gaza Strip with a $3 million grant to the Ministry of National Economy to boost its capacity to deliver business development data and high quality services, said a World Bank press release on Wednesday.

It stated that the Government Services for Business Development (GSBD) project was approved by the World Bank’s Board of Directors.

The private sector in the West Bank and Gaza has a critical role to play in generating jobs for a rapidly growing workforce, it said.

Jana Malinska, an economist at the World Bank said, “This project will particularly benefit women entrepreneurs and help small and medium-size enterprises access a full-range of information and services.”

The GSBD supports the private sector development agenda of the Palestinian National Development Plan (2011– 2013) which also promotes public-private partnerships as part of the overall effort to build an economy that gradually reduces dependence on foreign assistance.

According to the press release, the project will support the creation of a business development unit within the ministry of economy to consolidate all economic data and to oversee the ministry’s business development agenda.

It will also strengthen and modernize the ministry’s information technology infrastructure, services and skills.

Mariam Sherman, World Bank Country Director for West Bank and Gaza said, “We hope that restrictions on access to markets could be removed to unleash the full potential of the private sector and lead to real growth and job opportunities.”

M.H./M.S.