Ramallah, West Bank, December 16, 2020—IFC, a member of the World Bank Group, has signed a memorandum of understanding with the Ministry of Entrepreneurship and Empowerment to foster greater entrepreneurship in the West Bank, part of a wider effort to support COVID-19 recovery, and private sector and economic growth.
IFC will partner with the Ministry to convene the government, private sector, investors, and incubators to strengthen the start-up ecosystem in the Palestinian market and improve access to global knowledge, expertise, and markets.
In the West Bank and Gaza, the youth unemployment rate currently stands at over 40 percent, though almost 20. new, early-stage, tech start-ups are created every year. Despite ongoing government efforts, however, entrepreneurs continue to face hurdles, including a complicated regulatory environment, limited skilled talent pool and limited access to global networks.
Supporting entrepreneurship is a key focus for IFC in the Middle East and North Africa as young entrepreneurs have potential to become a driving force for sustainable economic development and job creation.
"Since the ministry's inception, we focused on bringing people together to achieve a resilient and sustainable innovation ecosystem. We are a start-up within the government, and we understand the pain and needs entrepreneurs have," said Usama Saadawi, Minister of Entrepreneurship and Empowerment. "We listen to them and respond to their needs. We believe education and lifelong learning reside in the heart of our work and we are building multiple partnerships to re-design the Palestinian entrepreneurship ecosystem."
"With its young, tech-savvy population, Palestinian entrepreneurs can play a key role in supporting sustainable long-term economic recovery in the West Bank," said Youssef Habesch, IFC's resident representative in the West Bank and Gaza. "But they need better access to knowledge, support networks and finance to turn their entrepreneurial ideas into viable small businesses and contribute to an economic recovery."
IFC will support the ministry in developing and implementing its 2019-2023 entrepreneurship strategy and leading an effective policy dialogue for key public and private sector stakeholders. The project will also support several capacity building activities to unlock the entrepreneurial and innovation potential of promising sectors.
The initiative is part of IFC's broader work in the region to support smaller businesses, encourage entrepreneurship, expand access to finance, and create jobs. This project is implemented in partnership with the government of the Netherlands, as part of IFC's Middle East and North Africa (MENA) Private Sector Development program.
About IFC
IFC—a member of the World Bank Group—is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2020, we invested $22 billion in private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity. For more information, visit www.ifc.org.
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