The Palestinian International Banking Conference 2019 “Bank Financing and Economic Development Prospects” held yesterday in Jericho, produced several recommendations and an action plan, which would contribute to activating the role of lenders in financing the targeted economic sectors in line with the government's economic development plan to ensure an effective contribution to promoting economic development.
The conference was held under the auspices of His Excellency the Prime Minister Dr. Mohammed Shtayyeh, and the participation of His Excellency the Governor of Palestine Monetary Authority, Mr. Azzam Shawwa. The Conference was organized by Palestine Monetary Authority in cooperation with the Association of Banks in Palestine, the International Finance Corporation (IFC) and the European Palestinian Credit Guarantee Fund with the aim of reviewing the results of the credit policies of lenders in Palestine during the previous 10 years between 2010 and 2018.
The most prominent recommendations of the Conference include:
- Formulating credit policies geared to investment in productive sectors that have high added value capable of creating new jobs to employ additional labor.
- Palestine Monetary Authority issues instructions setting quotas or ratios for investment in the targeted strategic economic sectors.
- Palestine Monetary Authority provides incentives to motivate banks and lending institutions to provide more financing to some of the targeted strategic economic sectors.
- Directing due attention and focus to investment in tourist attractions in Jerusalem.
- Developing the infrastructure of the agricultural sector and motivating lenders to develop a specialized and targeted financing system for the agricultural sector.
- Pay special importance to investment in the IT sector, opening the way to maximizing the utilization of the services of modern financial technologies.
- Develop credit policies aimed at strategic sectors defined by the government's development plan such as information technology, women, agriculture, energy, crafts and other sectors.
- Develop and strengthen the legal environment governing the financing of strategic economic sectors.
- Developing the banking system's specialized capabilities by launching financing programs aimed at specific economic sectors or activities.
- Provide technical support to banks to be able to finance SMEs, including facilitating their registration procedures with the official authorities.