EBRD And Quds Bank Launch $10 Million Package To Boost Green Economy And Women-Led Businesses In West Bank

The European Bank for Reconstruction and Development (EBRD) announced Monday a $10 million financing package to support Palestinian businesses and households through Quds Bank, aiming to expand green investments and strengthen women-led enterprises in the West Bank.

The package includes an $8 million loan under the EU-funded Green Economy Financing Facility (GEFF) and a $2 million loan under the Women in Business Programme. The GEFF loan will be on-lent to micro, small and medium-sized enterprises (MSMEs) and households for projects in renewable energy, water and energy efficiency, and other resource-saving initiatives, including circular-economy projects.

The green financing facility comes with EU-backed technical assistance and investment grants covering up to 25% of project costs. These grants will help MSMEs and households adopt sustainable technologies and improve environmental resilience, the EBRD said.

The $2 million Women in Business loan will provide long-term funding to eligible women-led MSMEs. Quds Bank will also receive EU-funded support to develop credit products tailored to women entrepreneurs and train staff to meet their needs. The EBRD's Advice for Small Businesses programme will offer consultancy services, mentorship and digital training to help women-led firms enhance their competitiveness.

“This partnership marks the first green financing facility signed by the EBRD in the West Bank and will help promote sustainable energy and resource efficiency solutions for Palestinian businesses and households,” said Francis Malige, EBRD managing director for financial institutions.“Our Women in Business line will also support the Palestinian economy by providing financing to women-led firms, which remain underserved.”

Alexandre Stutzmann, the European Union representative in Jerusalem, said the EU is“proud to support the new Green Economy Financing Facility” to help local businesses invest in greener solutions, underscoring the EU's commitment to inclusive economic growth.

Quds Bank CEO Mohammad Shawar said the agreement will allow the bank to offer“greener and more sustainable financing solutions” and expand support for women-led businesses amid“extremely challenging times.”

Quds Bank, an EBRD client since 2019, is one of the leading financial institutions in the Palestinian market and has won the EBRD's“Most Active Issuing Bank in the West Bank and Gaza” award four times. Since beginning operations in the West Bank and Gaza in 2017, the EBRD has approved 36 projects worth a total of €185.5 million.

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