Financial Institution Risk Management in Palestinian Territory Occupied
Strengthening Banking System and Promoting Economic Growth
RAMALLAH, WEST BANK AND GAZA - January 11, 2010
The International Finance Corporation (IFC), a member of the World Bank Group, has announced that it will provide advisory services to Bank of Palestine to improve its risk management practices and increase financing for small and medium-sized enterprises in West Bank and Gaza.
Improving Risk Management Practices
The initiative aims to strengthen the banking system and promote economic growth in the region. IFC’s partnership with Bank of Palestine, one of the largest banks in the West Bank and Gaza, will help develop its risk management structure, systems, procedures, and processes, allowing it to attract investment and provide financial services to a wider segment of the population.
Quotes
- “Bank of Palestine is committed to implementing best international risk and corporate governance practices. We are pleased to launch this project with IFC to achieve this goal, which will help establish our bank as a leader in the region.” - Hashim Shawwa, General Manager of Bank of Palestine
- “IFC strives to build the capacity of banks in West Bank and Gaza so that they can play a greater role in economic development. Strengthening risk management practices is an important component of IFC’s bank capacity building efforts.” - Lakshmi Shyam- Sunder, Director of Corporate Risk Management at IFC
Building on Previous Support
This new initiative builds upon IFC’s previous support for Bank of Palestine, including a five percent equity investment and $3 million in trade finance through IFC’s Global Trade Finance Program. The partnership also includes the development of the first student lending program in West Bank and Gaza.
Developing Palestinian Banking Sector
The project is part of IFC’s efforts to develop the Palestinian banking sector by working with several financial institutions, including the Palestine Monetary Authority.
About IFC
IFC creates opportunity for people to escape poverty and improve their lives by fostering sustainable economic growth in developing countries. The organization supports private sector development, mobilizes private capital, and provides advisory and risk mitigation services to businesses and governments.
About Bank of Palestine
Bank of Palestine is the first and largest national bank in West Bank and Gaza. Founded in 1960, the bank has a banking network of 38 branches and sub-branches across the region. It offers banking services for both individuals and companies and employs over 850 professionals.
Contact Information
In Jerusalem: Youssef Habesch (+972 2 236 6547) or yhabesch@ifc.org
In Cairo: Riham Mustafa (+20 2 461 9150) or rmustafa@ifc.org