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Mon 24 Jun 2019 07:51 AM

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Arab states committed to $100m Palestinian lifeline

Finance ministers at the Arab League meeting called on its member states to provide soft loans to support infrastructure and development projects in the Palestinian territories

Arab states committed to $100m Palestinian lifeline
Ahmed Aboul Gheit, Secretary-General of the League of Arab States, addressing the meeting in Cairo.

Arab finance ministers on Sunday said they were committed to activating a so-called $100 million per month "safety net," for Palestinians, Egypt’s state-run Middle East News Agency reported.

The decision by the ministers comes days ahead of a planned meeting in Bahrain where the US is due to discuss the economic component of its plan for peace between the Israelis and the Palestinians.

The ministers, meeting at the Arab League in Cairo, called on its member states to provide soft loans to support infrastructure and development projects in the Palestinian territories. They asked banks in the region to provide similar loans, as part of the safety net, MENA reported.

The financial lifeline had been agreed upon by the Arab League several years ago but has yet to be activated.

Arabian Business digital magazine: read the latest edition online