RAMALLAH, July 5. 2018 (WAFA) - The European Union (EU) and Palestine launched on Wednesday in Ramallah the EU External Investment Plan (EIP) to encourage investments promoting an inclusive growth, job creation and sustainable development and to tackle some of Palestine internal constraint via an enhanced policy dialogue on business climate issues, according to a press release.

The launching event was held in the presence of Minister of Finance and Planning Shukri Bishara. The conference brought together national authorities, private sector companies, International Financial Institutions (IFIs) and other stakeholders to discuss investment opportunities and ways to overcome remaining barriers in accessing funds.

The EU External Investment Plan will build on three pillars, said the release.

The new European Fund for Sustainable Development will make available €4.1 billion to support sustainable development in countries in Africa and the European Neighborhood and allow public and private operators to leverage each other‘s strengths.

Technical assistance will help improve the quality of projects and mobilize investment from financial institutions, public institutions and private investors.

Additional assistance to public authorities will foster a more favorable overall business environment through better policy making and legislation, in dialogue with the private sector.

Director General for Enlargement Negotiations and European Neighborhood Policy Christian Danielsson commented: "The European External Investment Plan will help leverage significant private funds into key sectors of Palestine’s economy. The plan will in turn empower local entrepreneurs and create decent jobs in the country. This new and innovative approach will also help deliver sustainable development projects, which otherwise would not have been possible at all or would have been significantly smaller.”

The EU‘s External Investment Plan is an innovative and ambitious EU plan that encourages investment in the EU‘s partner countries in Africa and the European neighborhood region. It promotes inclusive growth, job creation and sustainable development, so as to tackle some of the root causes of irregular migration. Overall, about €44 billion are expected to be mobilized under the EIP from 2017 until 2020 for Africa and the European Neighborhood.

M.K.