World Bank supports projects in West Bank and Gaza – Press release

PRESS RELEASE
News Release No. 99/1891/MENA

Contact:  Middle East & North Africa Region Regional Communications Unit
Telephone No: 202-473-2623
Fax No: 202-522-0003  

WORLD BANK COMMITTED $20 MILLION TO PALESTINIAN AUTHORITY IN FISCAL YEAR 1998

WASHINGTON, July 15, 1998 — The World Bank approved a total of $20 million to support two development projects in West Bank & Gaza (WBG) during fiscal year 1998 (July 1997––June 1998). An additional $80 million was mobilized from other donors to co-finance these two operations. This compares to World Bank lending commitments of $83 million in FY97.

World Bank Commitments to WBG (FY 98, $millions)
 
Palestinian NGO Project
 10.0

Gaza Industrial Est.
 10.0
IDA Total
 20.0

Total funds of $320 million for financing Bank-supported projects in WBG came out of the World Bank’s surplus income and are provided on IDA terms with a maturity of 40 years, including a 10-year grace period, and a service charge of 0.75 percent per annum. Since FY94, the World Bank has committed $213.5 million for 13 development projects in WBG. An additional $285 million were mobilized from other donors to co-finance these 13 operations.

IDA Commitments to West Bank & Gaza in FY98

PALESTINIAN NGO PROJECT
Credit Amount: US$10 Million (IDA); Approval Date: July 10, 1997
Project Objectives: The project is designed to channel funds to the poor and needy, utilizing the services of Palestinian NGOs as delivery mechanisms.

GAZA INDUSTRIAL ESTATE PROJECT
Credit Amount: US$10 Million (IDA); Approval Date: January 20, 1998
Project Objectives: The project supports the establishment of Gaza Industrial Estate at Al-Muntar border crossing point in Gaza Strip. It is the first largely export-oriented industrial zone, or "estate," to help guarantee sustainable employment and stimulate industrial development in the Palestinian Territories.