Jerusalem, August 29, 2008 – The World Bank today transferred a further US$120.7 million to the Palestinian Authority (PA), to assist in providing education, health care and other vital social services for the Palestinian people. The funds, contributed by the governments of Canada, Kuwait, and the United Kingdom represent the fourth tranche disbursed from the PRDP-TF, a multi-donor budget support mechanism administered by the World Bank. With contributions by Canada, Kuwait, and the United Kingdom, total transfers from Palestinian Reform and Development Plan Trust Fund (PRDP-TF) and linked World Bank Funds have reached US$269million.
The fourth tranche was released following the steady progress made by the PA during the first half of 2008 in implementing reforms as part of the ongoing Palestinian Reform and Development Plan.
The PRDP TF was established on April 10 2008, when an agreement was signed between the World Bank and the Palestinian Authority during the 2008 World Bank-IMF Spring Meetings in Washington. The Trust Fund is a central component of a World Bank effort to support the Palestinian Reform and Development Plan for 2008-2010 (PRDP), which was presented to donors in Paris on December 17, 2007. The first three tranches, totaling some US$148m, were contributed by Australia, France, Finland, Norway, and the UK. In parallel the World Bank disbursed a further $40m of World Bank Funds (see PR dated June 9, 2008).
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