Ramallah, West Bank and Gaza, February
22, 2016—IFC, a member of the World Bank Group, the Palestine State
Ministry of National Economy, and the Palestinian Capital Markets Authority
are launching today an online registry designed to support Palestinian
The registry – the first of its kind
in the Middle East and North Africa - will allow firms to secure loans
and other financing by using moveable assets, like machinery, as collateral.
This is considered vital because lenders traditionally require fixed assets,
like property, which many small businesses do not have. The project is
expected to boost access to finance for smaller firms, promote transparency,
and improve risk management for financial institutions.
The registry will at first be used for
leased assets until a law for secured lending is enacted, which will allow
for the inclusion of a broader range of movable assets.
“Transparent and effective legal frameworks
are key for boosting leasing development in any country,” said Youssef
Habesch, IFC Resident Representative in the West Bank and Gaza. “The registry
is a milestone in our efforts to support private sector development through
improving the business environment and facilitating access to finance.”
The launch will be followed by a one-day-workshop
for members of the leasing industry.
IFC has been working with the Ministry
of National Economy and the Palestinian Capital Market Authority since
2010 to promote the leasing industry, part of a larger effort in the country
to support smaller businesses and encourage economic development.
Globally, IFC is working with more than
45 governments to support the creation of modern frameworks for secured
transactions and establish electronic collateral registries for movable
IFC, a member of the World Bank Group,
is the largest global development institution focused on the private sector
in emerging markets. Working with more than 2,000 businesses worldwide,
we use our capital, expertise, and influence, to create opportunity where
it’s needed most. In FY15, our long-term investments in developing countries
rose to nearly $18 billion, helping the private sector play an essential
role in the global effort to end extreme poverty and boost shared prosperity.
For more information, visit www.ifc.org