PFESP has completed the signing of cooperation agreements with partner lending institutions within the second phase of the “Startup Palestine” project. It is after signing cooperation agreements with each of the Vitas Palestine Lending Company, ACAD Finance and Development, and Asala for Credit & Development Company. To join companies that signed agreements with PFESP during the past month, which is Faten, Alibdaa Palestine Microfinance, and Reef Finance.

In a speech to him, the Chairman of PFESP and Minister of Labor Mamoun Abu Shahla, said that the coming stage will witness PFESP’s implementation of many large and specific development lending projects. This is in cooperation with local banks in implementation of the government's strategy to recruit half a billion dollars to recruit it in the form of concessional loans to graduates and unemployed.

Abu Shahla explained in a speech to him, that PFESP is about to sign a large agreement with the Bank of Palestine. It is with the guarantees of the Ministry of Finance in the consensus Government to grant thousands of concessional loans to graduates and unemployed in the West Bank and Gaza Strip.

Abu Shahla called on all specialized "lending companies" implementing the project to create innovative ideas. This is to maximize the benefit of the targeted groups in need of this support and encourage them to invest and create self-sustainable and job opportunities.

For her part, Ms. Ibtisam Al-Hosari, Executive Director of PFESP, explained that the project is a joint initiative through a loan provided by the "Italian Agency" in the amount of 20 million euros. It has been implemented its first phase at the beginning of 2014 in cooperation with the Ministry of Finance and Planning. It comes to enhance access and credit opportunities for medium, micro and micro-companies. They are implemented through national lending institutions that had licenses from the Monetary Authority.

She Said that the total value of the second phase of the project is approximately $10 million. It is a provision for the second phase in addition to the refunded payments from the first-stage loans. They were distributed according to a set of criteria, including development of youth segment, Gaza Strip, camps, and the productive sectors, especially agricultural.

Al-Husari called on everyone who has the desire and incentive to own his own project and needs technical and financial support by going to one of the implementing and partner companies of PFESP, Especially the new graduates to take advantage of the provided loans.