IFC, a member of the World Bank Group, has signed an agreement with a Palestinian bank to support smaller firms, especially those owned by women, drive economic development.
IFC will help Bank of Palestine scale up its banking operations for small and medium enterprises (SMEs) in the West Bank and Gaza. The Palestinian private sector accounts for 90 percent of employment and is dominated by family businesses, but only five percent have access to loans. IFC will also help the bank develop new products and services that cater to the financial needs of smaller firms, with a focus on female entrepreneurs.