NICOSIA, May 11, 2017 (WAFA) – Minister of National Economy Abeer Odeh Thursday welcomed the European Bank for Reconstruction and Development’s (EBRD) decision to invest in the West Bank and Gaza Strip.

Odeh, who attended the EBRD meetings in Nicosia, said the bank will channel investments through a trust fund in order to boost key economic sectors, including renewable energy, energy infrastructure, micro, small and medium-size enterprises (MSME) and the financial sector.

She said the investments would continue for five years and would contribute to the development of the Palestinian economy and tackle poverty and unemployment. She affirmed the government’s readiness to facilitate international investment in Palestine.

The board of EBRD approved the move during its annual three-day meeting and business forum started on Tuesday in Nicosia.

EBRD President Suma Chakrabarti reportedly said the trust fund would be set up through an allocation from the net income of the bank, whose profits jumped 25 percent last year to around 1 billion Euros.

The bank will operate in the West Bank and Gaza from its office in Amman, Jordan.

K.F./M.K.