Loans help Palestinian grads break into business world
Unemployed college graduates can now benefit from a government loan program designed to integrate them into the labor market and boost the ailing Palestinian economy.
GAZA CITY, Gaza Strip — The Palestinian government is launching a $50 million program to finance micro and small enterprises, targeting unemployed college graduates.
The Ministry of Labor in Ramallah in the West Bank launched the program Oct. 3, and the Bank of Palestine is allocating the financial portfolio. The Palestinian Fund for Employment and Social Protection (PFESP), in partnership with the ministries of labor and finance, will manage the program in the Gaza Strip, the West Bank and Jerusalem.
The unemployment rate in the Gaza Strip stood at 53.7% during the second quarter of 2018, and at 19.1% in the West Bank, according to the Palestinian Central Bureau of Statistics.
Funding for micro and small enterprises will be based on proposals submitted by unemployed graduates in an attempt to alleviate unemployment, integrate youths into the labor market, promote entrepreneurship, boost production and achieve sustainable development.
