Bank of Palestine (BOP) and Proparco in cooperation with the EU jointly announced the signing of Sunref II Green Program after successfully completing Sunref I.
BOP said in a press release that the package is comprised of USD 30 million credit facility provided by Proparco coupled with EU grants along with technical assistance and incentives to SMEs. The signing of this agreement is part of a EUR 200 million agreements by Team Europe with several Palestinian Banks aimed at boosting the Palestinian economy, supporting sustainable green investment and COVID19 economic recovery. The signing ceremony was held within the context of the 3rd meeting of the EU- Palestine Investment Platform at the Palestinian Prime Minister’s Office in Ramallah.
The purpose of SUNREF Green Finance Program is to provide solutions to promote energy efficiency and renewable energy projects for the private sector. The program has played a crucial role in the Palestinian ecological system since energy services’ costs are high and supply of electricity is limited with increasing demand.
Following three successful years of operations of SUNREF I resulting in over 80 investment projects, SUNREF II was launched with a more focus on energy efficiency. This year SUNREF II has an additional Islamic-lending offer through the inclusion of the Arab Islamic Bank (a subsidiary of Bank of Palestine Group). The agreement will be financing projects in the West Bank, Gaza and East Jerusalem. SUNREF Program is fully aligned with Bank of Palestine Group’s strategies in ESG, financial inclusion and in sustainability. This Program will further fulfill our target to finance SMEs, particularly green projects in addition to reaching out to as many final beneficiaries who are located in the different areas of Palestine, contributing to sustained organic growth of the Bank.
“Bank of Palestine Group is proud to build further its collaboration with Proparco which translates our sustainability and financial inclusion strategies into concrete actions and impact towards a greener and more inclusive Palestine. After the success of Sunref I and with a more focus on energy efficiency in Sunref II, we hope to build and grow a community that supports clean energy projects particularly SMEs aiming at developing the economy, sustaining the environment and providing society with higher quality standards of living. Together, with our partners and all stakeholders we pledge to make a positive impact throughout our sustainability commitments and values-rooted vision,” Hashim Shawa, Bank of Palestine Group Chairman, who attended the 3rd meeting of the EU- Palestine Investment Platform on January 26th, 2022 which took place in the Palestinian Prime Minister’s Office commented on this partnership.
Shawa expressed his gratitude to Proparco, the AFD Group and the EU for their steadfast engagement in the Palestinian economic development.
