Amman (INA) – The Chairman of the Palestinian Economic Council for Development and Reconstruction (PECDAR), Dr. Muhammad Shtayyeh, said today, Tuesday: The annual meeting of the Union of Arab Banks, held in the Jordanian capital, Amman, approved the establishment of an investment fund in which Arab banks contribute. Shtayyeh had proposed the establishment of such a fund four months ago at the meeting of the Union of Banks held in the Dead Sea region. In his speech at the conference, which was titled Mechanisms and Requirements for Sustainable Development in the Arab World, Shtayyeh indicated that the process of establishing the fund from a legal and administrative point of view has begun. He said: There will be great and direct coordination with all the investing and operating parties in Palestine, whether it is the Palestinian Investment Fund or individual investors in the private sector, to contribute to the fund. Shtayyeh explained that the aim of the fund is to finance profitable investments in Palestine, and to create Palestinian-Arab partnerships in order to strengthen the Palestinian economy and support the steadfastness of the people of Palestine, and to develop national products capable of continuing as an alternative to Israeli industries and goods, which leads to job creation for youth and disengagement from the occupation. He said: The projects targeted for financing are either for the purpose of profit or come in harmony with the Palestinian national development plan and its priorities, or projects of economic feasibility and strategic nature, and others that generate employment. Regarding the fund's funding sources, Shtayyeh said: It is through the contributions of Arab and Palestinian commercial and Islamic banks. Suggesting that the banks' contributions finance equity rights in the fund, and the return is charged on those rights. Shtayyeh stressed that despite all the obstacles of the occupation, experiences confirm the success of investment in Palestine. Referring to the success stories of companies and factories operating in Palestine, which have made large investments. During the meeting, Palestinian businessman Munib Al-Masri announced his contribution of one million dollars to establish the fund. (End) Khaled Al-Khalidi / pg / h p
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