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MEII and UNIDO Sign a Joint Declaration to Facilitate Access to Financial Instruments for SMEs

Ramallah, Palestine – February 21, 2023 - The Middle East Investment Initiative (MEII) and the United Nations Industrial Development Organization’s (UNIDO) MOUSTADAMA Programme, under the auspices of H.E. the Minister of National Economy Mr. Khaled Osaily, have signed a joint declaration to facilitate access to finance for Palestinian industrial small and medium-sized enterprises (SMEs). The signing of this joint declaration marks a significant step forward in the Palestinian Government's commitment to promoting sustainable industrial development and a green economy in Palestine. By overcoming long-standing challenges in accessing financial instruments, industrial enterprises will be able to implement sustainable energy projects that will lead to lower energy costs and improve the competitiveness of the Palestinian industrial sector, while reducing greenhouse gas emissions at the national level.

"We are proud to partner with UNIDO and MEII on this important initiative to promote sustainable industrial development in Palestine," said H.E. the Minister of National Economy Mr. Khaled Osaily. "These efforts will play a critical role in addressing the energy shortages and high costs faced by our SMEs, and will contribute to global environmental benefits through the reduction of greenhouse gas emissions."

Mrs. Lana Katbeh, MEII Country Manager Palestine Office said, "We are pleased with the partnership between MEII, UNIDO, and the Ministry of National Economy. MEII, with the support from Sweden, is committed to providing access to financial instruments for Palestinian industries to implement sustainable energy solutions that are financially viable, in addition to facilitating access to finance for eligible MOUSTADAMA beneficiaries through the Tamweeli platform. The Tamweeli platform enables easier access to finance for individuals and businesses through streamlined processes and digital tools through financial institutions”.

Mr. Ahmed ElFarra, UNIDO Senior Programme Officer, emphasized UNIDO's commitment to working with partners to provide access to environmentally friendly technologies and solutions, including sustainable energy and business skills, in order to increase productivity, competitiveness and reduce poverty. "UNIDO is committed to helping Palestinian enterprises achieve decarbonization and sustainable development," said ElFarra. "Partnerships, such as the one established today with MEII, are essential in promoting environmentally responsible private investment. By providing access to more financially viable resources and technologies, we can ensure that industry in Palestine has the capacity to adopt and implement green solutions, ultimately leading to increased competitiveness within the industrial sector," he continued.

The ceremony was attended by the Head of Cooperation of the European Union in Palestine, Mr Ibrahim Laafia, and by the Consulate General of Sweden in Jerusalem. These institutions, which are donors to UNIDO’s MOUSTADAMA Programme and MEII respectively, expressed their appreciation for the initiative and the role it will play in providing access to sustainable and affordable financial instruments to support the economic development of Palestinian SMEs. The Ministry of National Economy, UNIDO and MEII look forward to working together to achieve the common goal of promoting sustainable industrial development in Palestine with the support of H.E. the Minister of National Economy Mr. Khaled Osaily.

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