Hebron Companies Backed by the West Bank and Gaza Investment Guarantee Fund
Private Sector Investments will Generate Jobs and Revenues
View the press release in Arabic
Washington, December 5, 2012 – The Multilateral Investment Guarantee Agency (MIGA), the political risk insurance arm of the World Bank Group, announced its support for the start up of two new companies in Hebron in the West Bank. The projects will generate local jobs, bring technical expertise to the agro-processing industry, and reduce reliance on imports.
The Al Haram Modern Plastic Products Industry project involves the establishment of a new company in the Tarqumiya Industrial Zone that will produce and supply plastic cups and containers for local dairy products. The Al Jebrini Cheese Industry project is supporting the establishment of a company that will produce and supply high-quality dairy products. The projects are also being supported by the Private Sector Initiative Plus program of the Netherlands Ministry of Foreign Affairs.
The investment guarantees totaling €2.7 million, issued by the MIGA-administered West Bank and Gaza Investment Guarantee Trust Fund, are providing coverage against the risks of transfer restriction, expropriation, and war and civil disturbance for a period of up to 10 years.
The Fund was established in 1997 to assist the Palestinian National Authority in attracting investment into the Palestinian Territories through the provision of political risk guarantees. The fund’s current sponsors include the Palestinian Authority and the government of Japan.
“This brings to four theinvestments supported by the Fund in the last two years, and we have several additional projects in our pipeline,” notes Izumi Kobayashi, MIGA’s Executive Vice President. “These small-scale investments are bringing the jobs and technological advances that are so important to the economic development of the Palestinian Territories.”
MULTILATERAL INVESTMENT GUARANTEE AGENCY
A Member of the World Bank Group
1818 H Street, NW, Washington, DC 20433
Mallory Saleson, MIGA
Tel: +1 202 473-0844
Rebecca Post, MIGA
Tel: +1 202-473-1964
Cara Santos Pianesi