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Bank of Palestine and IFC sign a consulting agreement to enhance risk management

2010-02-02

Ramallah- Al Ayyam: Bank of Palestine and the International Finance Corporation (IFC) the member of the World Bank Group signed a consulting service convention to strengthen risk management and corporate governance system. This agreement, which is the first of its kind to be implemented by (IFC) in the Palestinian territories will not only promote the work of Bank of Palestine, but will also work on developing the banking sector in general, and to improve the potentiality of responsible financing for small and medium enterprises. Under the agreement, which took place in Ramallah yesterday, the International Finance Corporation will develop the structure, systems , procedures and methods of risk management to assist the bank to attract investment and improving banking services for a wide segment of society, and it is expected for the project to have a significant impact on the banking sector in the Palestinian territories , as Bank of Palestine is one of the largest national banks in terms of the volume of facilities granted. The partnership between IFC and Bank of Palestine is part of the great efforts of the International Finance Corporation for the development of the Palestinian banking sector by working with several banks and partnership with the Monetary Authority, to organize the first conference of risk management in 2010.