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World Bank transfers $5.6 million to PA

Jan. 16, 2017 7:39 P.M. (Updated: March 29, 2017 10:34 A.M.)
BETHLEHEM (Ma’an) -- The World Bank announced in a statement on Monday that it was transferring $5.6 million from the Palestinian Reform and Development Plan Trust Fund (PRDP), a “multi-donor budget support mechanism” administered by the Bank, to the Palestinian Authority (PA).

According to the statement, the funds -- which were contributed by the Norwegian government -- will “help support the urgent budget needs of the PA, providing inter alia support for ongoing macroeconomic and public financial management reforms.”

The PRDP fund was established in 2008 following an agreement between the World Bank and the PA, and is currently supported through donations from the governments of Australia, France, Kuwait, Norway, the United Kingdom, and Japan.

With Monday’s transfer, the PRDP will have disbursed approximately $1.46 billion to the PA in the course of almost nine years, according to the statement.

The PA relies heavily on international donors whose contributions have historically been related to ongoing peace negotiations including the Oslo accords in 1993 and the Annapolis Conference in 2007.

In June 2015, the World Bank contributed $55 million in assistance to the occupied West Bank and besieged Gaza Strip.

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