The European Union (EU) revealed its three-year financial plan which provides up to 1.6 billion euros ($1.8 billion) worth of support for Palestinians on Monday.
EU foreign ministers hosted Palestinian prime minister Mohammed Mustafa for an important meeting as they released fresh financial aid just before that session.
EU foreign policy chief Kaja Kallas stated that the EU plans to provide “€1.6 billion until 2027” to support the Palestinian people in stabilizing their Western Bank Gaza region through this financial backing.
The EU wants to strengthen the Palestinian Authority (PA) because Israel launched new Gaza hostilities following the extended ceasefire period.
The funding will enable the Palestinian Authority to serve the Western Bank population better and get ready for a future resurrection of Gaza governance when the situation allows them to manage independently.
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The biggest international donor in Brussels announced the financial package because it contained 620 million euros in grants that would support the Palestinian Authority.
The EU has specified which reforms will determine eligibility for the grant money to cover “fiscal sustainability, democratic governance, private sector development and public infrastructure and services”.
The remaining sum of 576 million euros allocates grants for programmed initiatives supporting economic revival in Gaza and promoting recovery between the West Bank and East Jerusalem along with the Palestinian Authority.
The provision of 400 million euros in loans would be delivered through the European Investment Bank.
The new EU support program continues the implementation of the 1.36 billion euro funding stretched across 2021 to 2024.
