Jerashi Flexible Packaging Company
This summary covers investments by Jerashi Printing and Packaging Company of West Bank and Gaza and Techno Arabia Traffic Signs LLA of United Arab Emirates in Jerashi Flexible Packaging Company in West Bank and Gaza. The investors have applied for guarantees of up to $1.5 million for a period of up to 15 years against the risks of expropriation and war and civil disturbance.
The project involves the operation of a flexible packaging production facility and provision of packaging design services in West Bank and Gaza. The project is located on a leased site in Bethlehem Multidisciplinary Industrial Park (BMIP) in Bethlehem City in the southern part of the West Bank.
This project is being supported by the PSI Plus program of the Netherlands Ministry of Foreign Affairs with a grant to cover up to 60 percent of the project cost and an additional amount to cover the MIGA political risk insurance premium for the first three years.
The project is a category B under MIGA’s Policy on Environmental and Social Sustainability. Potential environmental and social impacts are limited, generally site specific, and readily addressed through mitigation measures. Key potential risks and impacts include the development and implementation of management systems covering environment, health, safety, and food safety; workers’ and community health and safety; and resource efficiency and pollution prevention (for example waste management, emissions controls, etc.).
Jerashi Flexible Packaging Company has committed to a suite of corporate social responsibility principles. These principles will be used as a basis for an environmental and social management system (ESMS) for the project. As part of its ESMS, the company will carry out screenings of its first tier suppliers based on the requirements of MIGA’s Performance Standards. Certification in food safety management will be required for the project. The company has provided MIGA with environmental and social information, and an environmental and social action plan will be developed and agreed.
The project is expected to have a positive impact on the local economy through direct employment, knowledge transfer related to flexible packaging technology, and by targeting medium, small, and micro businesses with a product that fits their needs.
This project is aligned with MIGA’s priorities of facilitating investments in conflict-affected environments as well as entities eligible for assistance from the International Development Association (IDA), and with the World Bank Group Assistance Strategy (FY15-FY16) for West Bank and Gaza.
The project would be underwritten through MIGA’s Small Investment Program.