Bank of Palestine signs a joint cooperation agreement with the Palestinian Energy and Natural Resources Authority for implementing the Revolving Fund Solar Energy projects for citizens and small enterprises in the Gaza Strip
14 | 3 | 2019
Bank of Palestine and the Palestinian Energy and Natural Resources Authority signed a joint cooperation agreement to implement the Revolving Fund Solar Energy projects for citizens and small enterprises in the Gaza Strip. The signing ceremony was held at the main headquarters of Bank of Palestine in Ramallah and through a video conference with the bank’s management in Gaza, in the presence of His Excellency Engineer Thafer Milhem, the Chairman of the Palestinian Energy and Natural Resources Authority, Mr. Rushdi Ghalayini, the General Director of Bank of Palestine, Mr. Ala’a Al Radwan, the Deputy Director of Bank of Palestine in the Gaza Strip, and several officials from both sides.
Through the agreement, the project aims to provide electricity for citizens in the Gaza Strip by funding the construction of solar cells on the rooftops of homes and small enterprises, and developing solutions for the scarcity of energy in the Gaza Strip through the revolving fund, which was established by the Palestinian Energy and Natural Resources Authority, with funding from the World Bank and donor funds, in the amount of $3.5 million. Bank of Palestine’s role in the project is to collect the monthly payments from beneficiaries and transfer them to the nonprofit revolving fund, which will be opened to serve this purpose.
His Excellency Engineer Thafer Milhem, the Chairman of the Palestinian Energy and Natural Resources Authority, expressed his enthusiasm about the signing of the agreement with Bank of Palestine, stating that “during the first stage, the project will serve 800 members from organizations and home owners, and the collected revenue will be reinvested to fund additional solar energy projects.” Milhem stressed that renewable energy is considered the fastest solution for the electricity problem in the Gaza Strip. He also added that “the project aims to pave the way for facilitating the access of material, promoting the rationalization of consumption, and encouraging the private sector to invest in renewable energy projects.” His Excellency praised the partnership with Bank of Palestine and called upon all concerned bodies to fully cooperate and contribute to the success of the project.
Mr. Rushdi Ghalayini, the General Director of Bank of Palestine, also expressed his enthusiasm about the newly established cooperation between the bank and the Palestinian Energy and Natural Resources Authority and the implementation of this project that would assist in solving one of the most important issues suffered by people in the Gaza Strip. Ghalayini stated that “As part of the Bank’s efforts in the field of corporate social responsibility and the provision of support for various developmental projects, the bank will continue to work within the range of frameworks that contribute to the alleviation of humanitarian and living difficulties confronted by our fellow citizens in the Gaza Strip.” He also added that “the bank will contribute to the success of the project by providing assistance in the collection of monthly payments from citizens and small enterprises who obtained financial support from the fund, as well as providing credit information and assisting the Palestinian Energy and Natural Resources Authority in promoting the project.