Ramallah, West Bank and Gaza, November 24, 2014
— IFC, a member of the World Bank Group, is co-hosting a conference on leasing in the West Bank and Gaza, part of efforts to expand access to finance for local entrepreneurs and boost economic growth in the conflict-affected territory.
IFC is organizing the event jointly with the Palestinian Capital Markets Authority (PCMA). The conference builds on the approval of a leasing law earlier this year that IFC and PCMA helped to develop. The law is expected to support the nascent leasing market, help local businesses access credit, and introduce global best practice to the local market environment.
“The new leasing law will open up doors for smaller businesses, encouraging banks and investors to invest in financial leasing and set up leasing companies. It will also boost activity in the equipment, machinery and vehicles market and provide local businesses with a new financing tool, helping them expand their businesses and create jobs
,”
said
Lina Ghbeish, General Manager of Mortgage and Leasing Directorate at PCMA.
Leasing is a powerful product that provides smaller businesses with much needed term-financing to invest in productive and logistic equipment. The conference will host a number of international and regional leasing experts and is expected to attract over 100 participants, bringing together private and public sector stakeholders from across the region. It will be followed by two days of tailored practical workshops to help participants learn more about various aspects of leasing.
“Supporting the private sector and helping small businesses thrive in conflict-affected areas is a priority for IFC in the region,” said Youssef Habesch, IFC Principal Country Officer in the West Bank and Gaza. “Expanding leasing operations can help foster economic development and spur job creation.”
The initiative is part of IFC’s broader strategy in West Bank and Gaza, which aims to facilitate access to finance, create jobs and improve business regulations.
The project is funded by the Middle East and North Africa Micro, Small, and Medium Enterprises Technical Assistance Facility, a joint venture between IFC and the World Bank. The facility is supported by the Canadian Department of Foreign Affairs, Trade and Development; the Danish International Development Agency; Japan; Switzerland’s State Secretariat for Economic Affairs; and UKaid.
About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. Working with private enterprises in about 100 countries, we use our capital, expertise, and influence to help eliminate extreme poverty and boost shared prosperity. In FY14, we provided more than $22 billion in financing to improve lives in developing countries and tackle the most urgent challenges of development. For more information, visit
www.ifc.org
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