The Palestine Investment Fund and the EU announced the closing of the Jerusalem Financing Facility program that aimed at funding SMEs in Jerusalem. More than 75 projects benefitted from the program in its first and second cycles, 30% of them were new projects that started operating after receiving the funding from the program. The remaining projects benefitted from the expansion of their productive activities, development of their business, and the creation of additional job opportunities.

The announcement came during a reception organized by PIF and the EU at “The View” restaurant and café at the Holy Land Hotel in Jerusalem for the program beneficiaries.

The total amount of grants reached 3.5 million euros from PIF and the EU. Grants were awarded to Jerusalem-based projects on a match-funding basis from the owners of these projects. This allowed the pumping of 7 million euros approximately into the Jerusalem economy. Projects benefiting from the funding varied in terms of sectors including tourism, education, light industries, commercial, health services, and others.

Mr. Fadi Dweik, PIF General Manager, said: “we are proud to conclude this program in partnership with the EU. PIF accords exceptional attention to the city of Jerusalem, given its place and status for our Palestinian people, and the need to strengthen our national, religious, and cultural identity.”

Dweik added: “PIF is implementing an investment program in the city of Jerusalem aiming at strengthening its economy, empowering the resilience and steadfastness of Jerusalemites, providing job opportunities for them, and reinstating its national and touristic significance. Additionally, PIF takes part in implementing programs with a number of local and international organizations and institutions, at the forefront of which is the EU. These programs aim at empowering and developing the small businesses sector in the city.”

Dweik thanked the EU saying: “I thank the EU for their efforts to develop the economy of Jerusalem, particularly for their generous financing of the Jerusalem Financial Facility, through which we hope to maintain our cooperation and partnership in order to enable additional Jerusalem businesses and projects to expand and grow their business particularly in view of the difficult health, economic, and political conditions.”

In his turn, Jamal Haddad, director of the portfolio of small businesses at PIF, said ” Jerusalem projects and businesses benefitted from the Jerusalem Financing Facility to expand their activities and into new markets. The program contributed to the retaining and creation of more than 560 job opportunities for our people in Jerusalem. This is an accomplishment that we are proud of, especially when we think of the numbers of families who benefitted from those job opportunities.”

Haddad added: “ the benefitting projects were multi-sectoral in nature. This was a reason why the program succeeded in revitalizing a range of economic sectors in Jerusalem. Approximately 20% of projects were led by women and more than 67% were micro-businesses. Together, and in partnership with the EU, we reaped the fruits of this program by contributing to the launching of more than 20 new businesses and the development of 55 more.”

In his turn, Gerhard Krause, Head of Cooperation at the EU Delegation office in Jerusalem, said :” The EU has developed over the past years an evolving program in support of East Jerusalem in an attempt to contribute towards improving the living conditions for its Palestinian residents. This program started more than 15 years ago and exists to date due to one specific initiative, namely the “East Jerusalem Programme”. Through this program, the EU allocated 12 million euros annually to meet the needs and the various sectors in the city. Steadfastness is at the heart of this work, and it is steadfastness and resilience that we are celebrating today with PIF. We are proud to be supporting many of these businesses, creating many job opportunities for Palestinians in East Jerusalem. These efforts might appear to be distant from politics, but all these small activities make up the fabric of daily life in East Jerusalem. They contribute towards a flourishing economy in the city, noting, though, that the Palestinian economic life is strongly present in East Jerusalem.”

The reception included the screening of a video regarding the program’s accomplishments, the launching of an interactive information map about the beneficiary organizations, as well as a guidebook “ Buy from Jerusalem” for all the businesses including types of services and products that they offer in the city.