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Home Local 10/October/2021 11:37 AM

World Bank recognizes Ibtikar Fund's role in Palestinian innovation

RAMALLAH, Sunday, October 10, 2021 (WAFA) – World Bank President Malpass, joined by a high-level delegation from the World Bank Group, has presented Ibtikar Fund with an award recognizing its role in advancing Palestinian innovation and job creation for youth and women in Palestine.

In his first official visit to Palestine, Malpass had the opportunity to hear from several of Ibtikar Fund's portfolio companies: Gamiphy, LogesTechs, and Tawazon, as well as Ibtikar Fund's Managing General Partner, Habib Hazzan.

In his remarks, Hazzan pointed out the impact of Ibtikar's portfolio companies—and the strong role that it plays in supporting early-stage startup growth. Ibtikar's portfolio companies have expanded their markets to include the Arab world, the United States, Latin America, and Europe, and have grown exponentially in terms of sales and value.

Ibtikar Fund's portfolio companies have created over 250 direct jobs for professionals in the tech and business fields in Palestine, with over 50 percent of those jobs held by youth and 30 percent held by women. Forty percent of Ibtikar's current portfolio is also founded by women—a number that is high compared to funds around the world.

M.N

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