Ramallah, West Bank and Gaza, November
24, 2014— IFC, a member of the World Bank Group, is co-hosting a conference
on leasing in the West Bank and Gaza, part of efforts to expand access
to finance for local entrepreneurs and boost economic growth in the conflict-affected
IFC is organizing the event jointly with the Palestinian Capital Markets
Authority (PCMA). The conference builds on the approval of a leasing law
earlier this year that IFC and PCMA helped to develop. The law is expected
to support the nascent leasing market, help local businesses access credit,
and introduce global best practice to the local market environment.
“The new leasing law will open up doors for smaller businesses, encouraging
banks and investors to invest in financial leasing and set up leasing companies.
It will also boost activity in the equipment, machinery and vehicles market
and provide local businesses with a new financing tool, helping them expand
their businesses and create jobs,” said Lina Ghbeish, General
Manager of Mortgage and Leasing Directorate at PCMA.
Leasing is a powerful product that provides smaller businesses with much
needed term-financing to invest in productive and logistic equipment. The
conference will host a number of international and regional leasing experts
and is expected to attract over 100 participants, bringing together private
and public sector stakeholders from across the region. It will be followed
by two days of tailored practical workshops to help participants learn
more about various aspects of leasing.
“Supporting the private sector and helping small businesses thrive in
conflict-affected areas is a priority for IFC in the region,” said Youssef
Habesch, IFC Principal Country Officer in the West Bank and Gaza. “Expanding
leasing operations can help foster economic development and spur job creation.”
The initiative is part of IFC’s broader strategy in West Bank and Gaza,
which aims to facilitate access to finance, create jobs and improve business
The project is funded by the Middle East and North Africa Micro, Small,
and Medium Enterprises Technical Assistance Facility, a joint venture between
IFC and the World Bank. The facility is supported by the Canadian Department
of Foreign Affairs, Trade and Development; the Danish International Development
Agency; Japan; Switzerland’s State Secretariat for Economic Affairs; and
IFC, a member of the World Bank Group, is the largest global development
institution focused exclusively on the private sector. Working with private
enterprises in about 100 countries, we use our capital, expertise, and
influence to help eliminate extreme poverty and boost shared prosperity.
In FY14, we provided more than $22 billion in financing to improve lives
in developing countries and tackle the most urgent challenges of development.
For more information, visit www.ifc.org