RAMALLAH, December, 16, 2024 (WAFA) – Prime Minister Mohammad Mustafa and the European Union Representative, Alexandre Stutzmann, co-chaired the seventh meeting of the European Union – Palestine Investment Platform on Monday at the Prime Minister’s Office in Ramallah.
Prime Minister Mustafa said, "We seek international partners' support to implement the comprehensive reconstruction plan immediately after the Israeli aggression stops."
The EU reaffirmed its strong commitment to supporting the Government’s program and the Palestinian people in achieving economic recovery and stability
The meeting was attended by representatives of Palestinian and European public institutions, as well as stakeholders from the Palestinian private and banking sectors, to discuss investment opportunities through various European instruments.
The Prime Minister highlighted the Government's priorities for the period ahead, focusing on strengthening humanitarian and relief efforts for the Palestinian people in Gaza Strip, restoring essential services, initiating early recovery and reconstruction immediately after the cessation of the Israeli aggression, achieving financial and economic stability, as well as implementing institutional reform and the National Program for Development and Reform aimed at enhancing and improving public services.
“This platform serves as a model of cooperation with our international partners and the private sector. We aim to strengthen collaboration and support from our international partners and friends in implementing the comprehensive reconstruction plan for Palestine immediately after the Israeli aggression against our people ends,” said Mustafa.
For his part, EU Representative Alexandre Stutzmann said: “In these difficult political and economic times, the EU reaffirmed its strong commitment to supporting the Palestinian Government’s program and the Palestinian people in achieving economic recovery and stabilization, while continuing to support reform efforts.”
“The Palestine Financial Sustainability Initiative is a concrete step towards empowering the Palestinian private sector and creating opportunities for economic recovery across the occupied Palestinian Territory, as well as enhancing access to finance for Palestinian micro, small, and medium enterprises (MSMEs), focusing on Area C, East Jerusalem, and Gaza, when conditions permit, particularly while Gaza continues to face a dire humanitarian and economic situation. However, sustainable economic development cannot be fully realized without a political solution,” Stutzmann added.
“The EU remains steadfast in its support for the two-state solution with an independent, viable, and sovereign Palestinian state. Economic progress and political resolution go hand in hand, and today’s investment is a testament to our belief that fostering stability and growth is an essential part of this vision,” he further stressed.
During the meeting, the EU and the European Investment Bank (EIB), together with the Palestine Monetary Authority, signed a EUR 28.3 million agreement under the Palestine Financial Sustainability Initiative. This funding aims to enhance access to finance for Palestinian micro, small, and medium enterprises (MSMEs), focusing on Area C, East Jerusalem, and Gaza (when conditions permit).
This initiative underscored the EU and EIB's commitment to support the Palestinian Government in stabilizing the Palestinian economy amid the current dire context, in line with its reform agenda. The Palestinian private sector, in the West Bank, East Jerusalem and Gaza, will directly benefit from this initiative. It will also contribute to the recovery and growth of the Palestinian economy while confirming the EU’s engagement in supporting Gaza reconstruction and Gazan economy, once feasible.
The EU-Palestine Investment Platform serves as a collaborative mechanism to identify and promote investment opportunities, leveraging the EU External Investment Plan and mobilizing public and private financing for Palestine’s development priorities. In this context, the European Union, its Member states and European Financial Institutions have contributed approximately EUR 1.15 billion in ongoing loans and innovative financial instruments to vital sectors of the Palestinian economy since launching the Platform in December 2020.
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