Palestinian and international investors are seeking to secure $1bn of fresh investment for projects in the West Bank and Gaza at an event in London in mid-December.
The London Business Forum on Trade & Investment with Palestine, which is being held on 15-16 December, will bring together senior political and business figures from the Occupied Territories and the UK.
The Palestinian government is seeking foreign investors to back a range of proposed projects for the West Bank and Gaza. They include a 400MW power station near Qalqiliya at a cost of about $400m, and a $100m steel plant near Jenin.
A new $50m fund is also expected to be set up to provide emergency capital for projects and to hire expert management to ensure they run smoothly.
Some of the projects seeking finance were discussed at an investment conference held in Nablus on 22 November. That event was designed to revitalise the economy of the northern West Bank, and $500m of new investment was pledged. It followed the Palestine Investment Conference in Bethlehem in May, when a further $1.4bn was pledged by international investors.
“We had a successful event in Nablus, bringing investors from the Gulf to projects in the northern West Bank,” says Munib Masri, chairman of the Palestine Development & Investment Company (Padico), which has played a key role in organising the events. “We hope to bring in about $1bn in further investment at the London event.”
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