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WASHINGTON/PNN/ With nearly half of Palestinian firms expected to shrink by almost 50% in production and sales and lay off 24% of their employees because of the COVID-19 impact, the World Bank yesterday granted an additional $9 million to the ongoing Innovative Private Sector Development Project to foster the resilience of innovative start-ups and Small and Medium Enterprises (SMEs) through financial and technical assistance, according to a World Bank press release. “The COVID-19 crisis has severely affected the private sector in an already weak Palestinian economy. SMEs and start-ups are now experiencing serious capacity constraints and need financial support to curb layoffs and avoid bankruptcy. Hence, the World Bank’s response to ensure business continuity and job preservation is critically important especially for youth and women affected by the pandemic,” said Kanthan Shankar, World Bank Country Director for West Bank and Gaza.

World bankDistrict of columbiaUnited statesIsrael generalWest bankKanthan shankarIulia cojocaruWorld bank countryInnovative private sector developmentMedium enterprises smesInnovative private sector development projectMedium enterprisesWorld bank country directorSenior private sectorஉலகம் வங்கிமாவட்டம் ஆஃப் கொலம்பியா