The Palestinian Investment Fund held its regular annual general assembly meeting in Ramallah. The meeting was headed by Dr. Mohammad Mustafa, chairman of the Board of Directors, and attended by members of the Board, members of the general assembly, Mr. Fadi Dweik the director general of PIF, the companies’ controller Mr. Tareq Al Masri, and Mr. Saed Abdallah, the external auditor, representing Ernest and Young Audit Firm.

Mr. Tareq Al Masri, the Companies’ Controller, opened the meeting by asking Dr. Mohammad Mustafa to lead the meeting, and was appointed a minutes-taker after announcing that the meeting was legal and all decisions taken during the meeting will be legal.

During the meeting, the general assembly discussed PIF Board of Directors’ 2019 report. The General Assembly listened to a presentation of PIF Auditor’s report for the fiscal year ending 31/12/2019, and approved PIF final accounts that showed a net profit of US$24.3 million dollars for the year 2019, increasing the total amount of profits achieved since establishment to US$1.06 billion dollars, while the total amount of dividends transferred by PIF to the treasury amounted to US$850 million dollars since the Fund’s establishment.

Dr. Mohammad Mustafa, chairman of the Board of Directors, started the meeting by expressing, on behalf of the Board, appreciation for the efforts of the leadership, the government, the security agencies, the Palestinian Monetary Authority, the private sector, and the civil society’s efforts in fighting COVID-19 pandemic. Dr. Mustafa pointed out that these efforts, along with its objectives related to fighting the pandemic, send an important message about the ability of our state to adapt and work effectively and have functional institutions despite the circumstances and the prolonged occupation. Dr. Mustafa expressed respect to the Palestinian people who, despite the difficult conditions, showed a high level of responsibility, and demonstrated resilience and solidarity in the face of the pandemic, embodying a spirit of fraternity and synergy among all its groups and their different affiliations.

Dr. Mustafa stressed that protection of the economy and its components in terms of institutions and workers is of utmost importance. He pointed out that PIF, given its role and status, was one of the first to support the various national institutions in curbing the spread of the pandemic by immediately transferring a large part of PIF dividends for the year 2019 to the treasury in advance and offered several hotels in Ramallah, Jerusalem, Bethlehem, and Gaza to support the healthcare system.

PIF also launched ISNAD program to support micro and small enterprises with a total amount of US$25 million dollars spread out through different phases. The aim of the program is to enable these enterprises from accessing needed financial liquidity to help them continue their operations. The program is fully implemented with lending institutions working in Palestine. It is expected that 2500 micro and small enterprises will benefit from ISNAD program throughout all of the northern and southern governorates including Jerusalem. Upon its completion, the program is expected to contribute towards the sustaining and creation of 5000 jobs.

The chairman of the Board of Directors stressed that despite the major challenge of COVID-19 pandemic, yet there is a need for the collaboration of all parties to transform this challenge into an opportunity through planning for addressing the emergency economic repercussions and laying the foundation for an integrated solution for the accumulating economic crises within a holistic national vision premised on self-sufficiency and reliance. This vision should address several vital themes needed for the development of the national economy that were particularly highlighted by the pandemic.

These include: the financial and economic relation with Israel, the reliance on many basic goods and products imported from Israel, and size of Palestinian laborers in the Israeli market. They also include the need to upgrade the efficiency of the healthcare system which the pandemic has exposed as still being modest, despite the brilliant performance that has been and continue to be demonstrated. Additionally, there is a need to develop the digital infrastructure needed for the future, and finally to address the severe shortcomings in the logistical systems needed to contribute towards “economic security.”

In his report, presented on behalf of the Board of Directors to the general assembly, Dr. Mustafa stated that PIF has adopted its strategy for the coming three years. The strategy, he explained, is based on three main themes and can be summed up in the decision to focus investments in core sectors that are selected based on clearly defined parameters in terms of their alignment with PIF objectives and their alignment with the national economy agenda. These criteria are also in sync with the in-depth understanding of the recent economic indicators, in addition to the need to continue to strengthen the institutional structure within the holistic framework of good governance and transparency principles that are aligned with the best Palestinian and international practices in this regard.

The chairman of the board of directors added “the year 2019 was characterized by the creation and strengthening of multiple local, Arab, and international partnerships through the announcement and implementation of a series of vital projects. These projects are focus primarily on the energy, infrastructure, industrial zones sectors, as well as the agriculture, food industries and health sectors, in addition to the real-estate and tourism sectors, including a special real-estate and touristic investment portfolio for Jerusalem. The community investment programs through the micro and small enterprises, in addition to investments in Palestine Stock Market as well as Arab, regional, and international stock markets.”

Dr. Mustafa presented the main achievements and milestones of PIF progress during the year 2019 in different sectors.