JERUSALEM, July 26, 2018 (WAFA) - The Japanese Government has provided over €384,000 to support Paper Pal company operating in the Jericho Agro Industrial Park (JAIP), a press release said on Thursday.
This company is the ninth beneficiary under the Palestinian Authority‘s PRIDE (Partnership for Regional Investment, Development & Employment) Program of Incentives to JAIP.
"We are proud of our partnership with Japan and the Palestinian Authority to attract investments in Jericho. Paper Pal Company is one example of an innovative investment that recycles tree leaves to produce environmentally friendly paper. This company managed to both serve its environment and economy. Through JAIP, we support Paper Pal, and other investments, to grow and compete on the local and international levels. A sustainable economy is a cornerstone of our vision for a future Palestinian state," said the European Union (EU) Representative Ralph Tarraf.
"JAIP is a flagship project of Japan‘s ‘Corridor for Peace and Prosperity’ initiative launched in 2006. Japan has been extending financial, technical, and human resource assistance to enrich the already fertile soil of the City of Jericho, which amounts to approximately $100 million including the building of the relevant infrastructure in the city. Given the strategic importance of Jericho in the region, this project could serve to not only strengthen the Palestinian economy but stabilize the entire region," said the Ambassador for the Palestinian Affairs, Takeshi Okubo.
In order to attract investment in JAIP, the Palestinian Authority (PA) is offering a range of incentives, including tax breaks to its tenants. In this context, it has established a program called PRIDE to provide financial assistance to JAIP tenants to help them start their operations in the park.
The EU has set up a PEGASE program aimed at channeling funds to the PA’s PRIDE program (EU support: EUR 2 million, Government of Japan support: EUR 3.2 million). The program provides financial assistance to eligible JAIP tenants to purchase equipment, machinery, tools and building materials for their operations in the park.
Paper Pal produces high quality eco-friendly toilet paper, recycling wastes from copy paper factories in addition to trimmed dead leaves of palm trees.
T.R./M.K.
