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PIF, OPIC & Aspen Launches Loan Guarantee Program to Support Small and Medium-Sized Enterprises in Palestine
In a ceremony in Ramallah, Palestinian President Abbas, Prime Minister Fayyad, U.S. Under Secretary for Public Affairs Karen Hughes, and President of the American Overseas Private Investment Corporation (OPIC) Rob Mosbacher, Jr. launched the Middle East Investment Initiative (MEII), an innovative public-private partnership between OPIC, the Palestine Investment Fund (PIF), and the Aspen Institute. MEII is a $228 million loan guarantee program dedicated to Support Small and Medium-Sized Enterprises in Palestine.
PIF will provide US $50 million in guarantees while OPIC will commit US $110 million, which will be provided, based on an agreement and a mechanism that guarantees loan repayments by SMEs. This implies that banks as the main strategic partner will be able to provide loans for SMEs with a value of US $228 million over a 10-year period. Banks will also engage in agreements with PIF, OPIC, the Aspen Institute, and CHF.
For more information and a brochure click: Brochure