Bayt Mal Al-Quds Agency, Bank of Palestine sign partnership agreement

A partnership and cooperation framework agreement was signed, Monday in Ramallah, between Bayt Mal Al-Quds Asharif Agency and the Bank of Palestine, covering several development areas.

The agreement provides for cooperation between the Rabat-based Agency and the Bank to create financing instruments for the benefit of the housing and tourism sectors, in order to achieve the principle of promoting economic development, including the mobilization of financial resources from Arab and Islamic countries to guarantee loans to citizens.

Both parties agreed, under this agreement, that the bank would provide the Agency with advisory services related to the investment and operation of the Fund’s deposits by managing its investment in order to increase its resources and revenues.

The financial institution will also provide an e-commerce service through its website, which will allow the agency to receive funds from donations or sales of Palestinian products.

The agreement stipulates that the two parties cooperate within the framework of the “Falestineya” program, which is part of the Bank’s programs, in order to organize joint events and activities to support the women of Al Quds and to promote the projects of the women beneficiaries of this program.

The two parties also agreed to cooperate to conduct, during the blessed month of Ramadan, support activities for the benefit of the inhabitants of the old city of Al Quds, through special cultural and entertainment programs. Conferences to support the economy of the holy city and promote economic development and investment programs are also on the agenda of the two sides.

The agreement was signed by the director in charge of the management of the Bayt Mal Al-Quds Asharif Agency, Mohamed Salem Cherkaoui, and the chairman of the Board of Directors of the Bank of Palestine, Hashim Shawa, in the presence of the Moroccan ambassador to the State of Palestine, Abderrahim Meziane.

On this occasion, Cherkaoui said that this partnership reflects the vision of the Bayt Mal Al Quds Agency regarding the joint action to be undertaken in order to serve the objectives for which this institution was established as the ideal tool for coordinating Islamic-Arab support for the Holy City.

He added that pursuant to the instructions of King Mohammed VI, the agency proceeds to the selection of concrete social and economic projects that will have a direct impact on the beneficiaries in the sectors of health, education, housing and youth, its action being governed by a realistic vision that takes into account the nature and specificities of Al Quds, as well as the issue of funding and its constraints.

For his part, Hashim Shawa praised the essential role played by the Kingdom of Morocco, under the leadership of King Mohammed VI, in supporting the city of Al-Quds and its inhabitants through the projects implemented by the Agency.