UN: World Bank support of Palestinian economy comes at a critical time

JERUSALEM, United Nations Special Coordinator for the Middle East Peace Process, Nickolay Mladenov, said on Wednesday that World Bank’s allocation of $90 million in support of Palestinian economy in the West Bank and Gaza comes at a critical time.

I am greatly encouraged by the recommendation of the World Bank’s Board to allocate $90 million, up from $55 million last year, in response to the alarming economic circumstances in the occupied Palestinian territory, in particular in Gaza, Mladenov said in a statement.

This significant increase in funding comes at a critical time when urgent interventions are required to prevent renewed conflict and to boost Palestinian economic opportunities and livelihoods.

The UN official said that the allocation is particularly vital for Gaza which is on the verge of a total economic and social collapse, with half of the population jobless and basic services severely overstretched.

The allocation, which will be used in partnership with the Palestinian Authority to support key interventions including job creation through emergency cash-for-work and labor-intensive infrastructure rehabilitation, is exactly the type of response that is most needed right now, he said.

The United Nations and its partners will continue efforts to reduce tensions in Gaza, address urgent humanitarian needs and support a return of the legitimate Palestinian Authority to Gaza through the Egyptian-led intra-Palestinian reconciliation process, Mladenov concluded his statement.

Source: Palestinian News & Info Agency