The World Bank Board of Executive Directors approved the transfer of a $55-million grant to the West Bank and Gaza Investment Guarantee Trust Fund, reports Qatar-based Al Sharq.
The World Bank has, since 1993, allocated a total of $970m of its own resources towards Palestinian development.
The World Bank announced in a press release that it will continue to provide grants to support investment in municipal services, water and sanitation, energy, healthcare as well as social protection and education.
It also points out that its contributions have helped in the strengthening of Palestinian institutions and in building an economy robust enough to offer jobs and opportunities for citizens.
In a statement carried by the Palestine News Agency on Friday, an official from the World Bank said: “Due to the instability of the overall situation, supporting and strengthening reform in the local government is a central focus of the World Bank programme.”
“In parallel with these efforts, the bank also focuses on the development of the private sector which is the main engine of economic and employment opportunities,” he adds.