Germany launches $10m initiative to boost Palestinian economy

Palestinians continue their daily life under difficult conditions at Bureij Refugee Camp as they struggle to survive among the rubble of buildings destroyed by Israeli attacks in the Gaza Strip, on February 12, 2025 [Moiz Salhi/Anadolu Agency]

Germany announced a €10 million ($10.4 million) initiative yesterday aimed at boosting the Palestinian economy, reported Wafa news agency.

The agreement was signed at the Ministry of Planning and International Cooperation (MoPIC) in Ramallah, with Palestinian Minister Wael Zaqut and Niels Annen, Parliamentary state secretary to the German federal minister for economic cooperation and development, in attendance.

The initiative is part of a broader credit guarantee programme supporting economic development across the occupied Palestinian territories, according to a MoPIC press release.

The ministry stated that the programme is expected to benefit around 1,400 enterprises and create an estimated 10,500 jobs over the next four years.

Aimed at supporting small and medium enterprises and fostering economic growth in Palestine, the initiative provides credit guarantees to boost employment and encourage local investment.

Key focus areas include job creation, green financing, support for women-led businesses, youth empowerment and assistance for small and micro enterprises, particularly in sectors and regions experiencing severe economic challenges.

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