Palestine Investment Fund and European Union launch program for small and medium companies
The Jerusalem Grants Program supports Green Energy and Sustainability
Jerusalem24 – The Palestine Investment Fund (PIF) and the European Union launched the Jerusalem Grants Program for Green Energy and Sustainability to finance small and medium enterprises.
The program aims to provide grants to projects operating in various sectors, which prove their ability to use financing in a way that serves their commercial interests while being environmentally friendly.
Dr. Muhammad Mustafa, Chairman of the Board of Directors of the PIF, said during the project launch ceremony that was held today in Jerusalem: “We are proud of the launch of this program, which is considered a continuation of the cooperation between the Fund and the European Union to support the economy of Jerusalem and aims to strengthen the environmentally friendly projects sector in Jerusalem.”
The Jerusalem Grants Program for Green Energy and Sustainability was launched with joint funding of 2.4 million euros between the Investment Fund and the European Union and aims to lead to the injection of a similar amount from the beneficiaries into the Jerusalem economy. The maximum funding grant is up to $100,000 per project, and it is expected to support about 30-35 projects, and provide approximately 110 direct job opportunities during the 3-year implementation period.
During the opening, Dr. Mustafa stressed that the program falls within the fund’s strategy aimed at supporting the city of Jerusalem, through a distinguished investment portfolio in the occupied city that covers the tourism, real estate, and small projects sectors, through a variety of projects that contribute to empowering its people and activating the vital economic sectors in it. Providing job opportunities, and enhancing its tourism, economic and national importance.
The establishments and institutions operating in the city of Jerusalem suffer from difficult economic conditions, especially in light of the complexities and challenges imposed by the measures of the Israeli occupation.
For his part, the European Union Representative in Jerusalem, Mr. Sven Kuhn von Bergsdorff said, “it has been eight we want to continue to support the Palestinians to achieve in East Jerusalem is to build resilience and preserve the Palestinian identity in the city. We are committed to the trend of supporting Palestinians to live in prosperity, security, and peace in East Jerusalem and throughout the occupied Palestinian territories.”
Mr. Fadi Dweik, Director General of the Palestine Investment Fund, pointed out that “the program also targets non-profit institutions in Jerusalem, which are willing to invest in energy-efficient solutions that would create business sustainability, reduce consumed energy costs, and have a clear impact on the local community that supports it.”
