The European Bank for Reconstruction and Development (EBRD) is strengthening micro, small and medium-sized enterprises (MSMEs) and promoting international trade in the West Bank and Gaza, with a $10mn financial package to Quds Bank.
The package includes a credit line of up to $5mn for MSMEs and corporates, providing them with vital liquidity to help mitigate the impact of the coronavirus (COVID-19) pandemic. This credit line will help Quds Bank to provide short-term loans to businesses facing liquidity constraints due to a decrease in their activities and turnover.
In addition, the EBRD will continue to support exporters and importers in the West Bank and Gaza by providing a $5mn increase in Quds Bank’s existing trade finance limit under the EBRD’s Trade Facilitation Programme. The financing will help Quds Bank to diversify its trade finance business, increase available limits and offer longer maturities to its customers.
Quds Bank is the third-largest commercial bank in the West Bank and Gaza and has been listed on the Palestine Exchange since 1997.
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