Bank of Palestine and International Finance Corporation (IFC), a member of the World Bank Group, has signed the agreement of advisory services project to strengthen risk management and corporate governance system. The agreement will help increase financing for small and medium enterprises, and economic growth in West Bank and Gaza
The agreement, IFC’s first advisory services project with a bank in West Bank and Gaza in risk management, will help Bank of Palestine develop its risk management structure, systems, procedures, and processes, allowing it to attract investment and to provide financial services to smaller businesses and a wider segment of the population.
IFC expects the partnership with Bank of Palestine, one of the largest banks in the West Bank and Gaza in terms of outstanding loan portfolio, to lead to broad-based improvements in the overall banking sector in West Bank and Gaza.
Mr. Hashim Shawwa, General Manager of Bank of Palestine, said: “Bank of Palestine is adamant about implementing the best international risk and corporate governance practices. We are happy to launch this project with IFC to achieve this goal, which will help give Bank of Palestine a unique position locally and regionally.”
Lakshmi Shyam-Sunder, IFC Director of Corporate Risk Management, said, “IFC strives to build the capacity of banks in West Bank and Gaza so that they can play a greater role in economic development. Strengthening risk management practices is an important component of IFC’s bank capacity building efforts.”