The TFP is helping Palestinian exporters and importers by providing US$ 2 million in trade financing to Quds Bank.
The financing will help Quds Bank to diversify its trade finance business, increase available limits and offer longer-term maturities to its customers.
Quds Bank is the third-largest commercial bank in West Bank and Gaza and has been listed on the Palestine Exchange since 1997.
A technical assistance package, financed by the EBRD’s West Bank and Gaza Trust Fund, will help Quds Bank to strengthen its skill-sets in trade finance and anti-money laundering, and in combating the financing of terrorism.
Mike Taylor, EBRD Director for Financial Institutions of the southern and eastern Mediterranean region, said: “We are delighted to welcome Quds Bank into our network. This trade finance line will support Palestinian exporters and importers and further enhance the financial skills of Quds Bank.”
Salah Hidmi, CEO of Quds Bank, added: “Today’s agreement represents a milestone for our bank not only in financing trade transactions but also in strengthening knowledge about trade finance instruments among our customers through online courses that the EBRD has made available to our staff and clients. Moreover, we expect this agreement to widen the relationships of Quds Bank with other correspondent banks.”
We are delighted to welcome Quds Bank into our network. This trade finance line will support Palestinian exporters and importers and further enhance the financial skills of Quds Bank.