Washington, May 8, 2012 – The Palestinian private sector will benefit from more efficient and accurate business information with a $3 million grant from the World Bank to the Ministry of National Economy (MoNE) designed to boost its capacity to deliver business development data and high quality services.
The Government Services for Business Development (GSBD) project was approved by the World Bank’s Board of Directors today. The private sector in West Bank and Gaza has a critical role to play in generating jobs for a rapidly growing workforce. The efficient management of business information helps create opportunities for investment and enables businesses to grow.
“Timely delivery of business development information to private sector firms can potentially create sustainable jobs for the many unemployed people in the West Bank and Gaza,” said Jana Malinska, Economist at the World Bank. “It will particularly benefit women entrepreneurs and help small and medium-size enterprises access a full-range of information and services.”
The GSBD supports the private sector development agenda of the Palestinian National Development Plan (2011– 2013) which also promotes public-private partnerships as part of the overall effort to build an economy that gradually reduces dependence on foreign assistance.
The Palestinian Authority (PA) has a leading role in developing an enabling environment for the private sector including equal quick access to accurate business information. The project will support the creation of a business development unit within the MoNE to consolidate all economic data and to oversee the ministry’s business development agenda. It will also strengthen and modernize the ministry’s information technology infrastructure, services and skills.
“The World Bank has repeatedly emphasized the critical role to be played by the private sector in the West Bank and Gaza – a driving force for development,” said Mariam Sherman, World Bank Country Director for West Bank and Gaza. “We are pleased to support the PA’s efforts to improve the business environment. We hope that restrictions on access to markets could be removed to unleash the full potential of the private sector and lead to real growth and job opportunities.”
