Financial Crime World

UK Supports Economic Development in Palestine with $150 Million Funding

The UK has announced a significant investment of $150 million to support economic development in the Palestinian territories, focusing on key sectors such as energy and water infrastructure, trade facilitation, and human rights.

Agreement with Palestinian Authority

According to an agreement signed between the UK and the Palestinian Authority (PA), the funding will be used to improve the business environment and increase economic opportunities for Palestinians. The initiative is part of the UK’s efforts to strengthen its bilateral relationship with Palestine and promote peace and stability in the region.

Energy and Water Sector Support

  • The World Bank will provide financial assistance to support infrastructure development and sector reform in the energy and water sectors, aiming to improve access to these essential services for Palestinians.

Trade Facilitation and Customs Programme

  • A new Trade Facilitation and Customs Programme will be implemented by Cowatersogema International Inc. to increase Palestinian exports by streamlining trade procedures and improving the capacity of trade-related institutions and private firms.

Human Rights and Labour Law Reform

  • The UK has also emphasized the importance of human rights in the Palestinian territories, highlighting the need for labour law reform to protect workers’ rights and combat corruption.

Bribery and Corruption

  • The PA has made significant efforts to strengthen its legal framework against corruption, but more needs to be done to eradicate nepotism and bribery. The UK has urged Palestinian authorities to continue their anti-corruption efforts and provide guidance on how businesses can protect themselves from corruption risks.

Terrorism and Security Risks

  • The Foreign, Commonwealth & Development Office (FCDO) advises against all travel to Gaza due to significant security risks, including the threat of terrorism.

Organised Crime and Intellectual Property Protection

  • While there is limited evidence of serious organised crime in the West Bank, drug-related issues are a concern.
  • The PA does not have a modern Intellectual Property Protection Law, and businesses operating in the region may need to file separate applications for each class of goods and services in each jurisdiction.

Contact Information

For further information or guidance on doing business in Palestine, please contact: