Nakheel Palestine for Agricultural Investment
This summary describes an additional investment by Siraj Palestine Fund I, Ltd. and Siraj Company for Funds Management(Siraj companies) and Palestine Development and Investment, Ltd. (PADICO) in Nakheel Palestine for Agricultural Investment (the Project Enterprise) in the West Bank. The investors have applied for a guarantee under MIGA’s West Bank and Gaza Investment Guarantee Trust Fund and MIGA’s Conflict-Affected and Fragile Economies Facility for up to $16.61 million for the equity investment in the Project Enterprise for a period of up to 7 years against the risks of expropriation and war and civil disturbance, including temporary loss of income.
The Project Enterprise’s main objective is to cultivate date palm trees and produce and market high-quality dates to cover the demand in the local market and build market share in international markets (the “Project). The Project is located in Jericho, in the West Bank. The additional investment includes the Project expansion from two to eight farms and a storage/packing facility that serves post-harvest handling of dates.
The project is categorized as B under MIGA’s Policy on Environmental and Social Sustainability. Environmental and social impacts related to the Project are limited in nature and readily addressed through mitigation measures. Click here for the project’s Environmental and Social Review Summary.
The Project Enterprise is expected to continue to provide benefits regarding employment and the environment. In 2021, the Project employed 74 permanent and 741 temporary employees, of which around 30% were women, and 60% of the employees came from low-income families. It also indirectly contributes to the livelihoods of several hundred people — independent producers from which it buys part of the production and the distributors of its products. The Project is a critical employer in a region hard hit by unemployment and poverty where most population makes a livelihood from agriculture.
The Project Enterprise reduces its carbon footprint by collecting solar energy and reducing electricity usage, where Nakheel utilizes rooftop solar panels, a facility consisting of 1,299 installed panels, with a capacity of 0.5 Mega Watts (MW), covering 20% of the Project Enterprise’s electricity needs.