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Source: World Bank
9 June 2008

World Bank extends a $40 million grant for PA budget support

Ramallah, June 9, 2008 -- Palestinian Prime Minister Salam Fayyad signed an agreement with the World Bank today for the transfer of $40 million in budget support from World Bank core resources. This support falls within the framework of Palestinian Reform and Development Plan (PRDP) for 2008-2010

Budget support is a central component of ongoing World Bank efforts to support the PRDP, which was presented to the international donor community on December 17, 2007. An additional $110 million have been disbursed since April 2008 to the Palestinian Authority's (PA) Central Treasury Account through the PRDP Trust Fund (PRDP-TF), to which Norway, the UK, Australia, Finland and France have contributed.

"This grant aims to support the PA's efforts to accelerate the implementation of reforms described in the PRDP, especially those aimed at strengthening its fiscal position and improving public financial management, 'said David Craig, World Bank Country Director for the West Bank and Gaza. 'These reforms are critical for continued international donor support and will serve as fundamental building blocks of the future Palestinian State," he further added.

In addition to budget support mechanisms, the World Bank's ongoing portfolio in West Bank and Gaza to date consists of 13 projects aiming at improving living conditions for the Palestinian people. These include water and sanitation, education, solid waste, municipal finance as well as the provision of basic social services. The Bank is also supporting activities aimed at NGO capacity building.

For further information on the World Bank Program in West Bank and Gaza, visit: www.worldbank.org/ps
Contact
Tel (Office): 972-236-6500
Fax (Office): 972-236-6543
www.worldbank.org/ps



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