Years of declining international aid, unsustainable public patronage, and controversial policies have pushed the Palestinian government and banking sector to the brink of insolvency.
Palestinian Authority (PA) officials repeatedly deny acquiescing to the economic peace model with Israel, but such rhetoric is not reflected in their actions. In recent years integration between the Palestinian and Israeli economies has only deepened.
LONDON: The EU will provide €60 billion ($62.58 billion) for economic development in Gaza in a program with the European Investment Bank. The plan, part of a broader investment strategy that includes the West Bank, was announced by EIB Vice President Gelsomina Vigliotti and EU representative Sven Kuhn von Burgsdorff during a visit by EU ambassadors to the region.