The European Bank for Reconstruction and Development (EBRD) is helping to strengthen the Palestinian economy by providing a $10 million loan to TNB (The National Bank), one of the largest local banks in the West Bank and Gaza.
The EBRD’s funding will be extended to micro, small and medium-sized enterprises and large Palestinian companies to provide them with much-needed liquidity to overcome the economic consequences of the coronavirus pandemic.
These funds will also strengthen the resilience of the Palestinian financial sector. The TNB is the second largest local bank and the third largest bank in the West Bank and Gaza. It focuses on banking and provides loans to individuals, large businesses, SMEs and the public sector.
In 2017, the EBRD began investing in the West Bank and Gaza. To date, six projects have been signed for a total of $22 million.