Export Challenge Fund

The Palestinian Federation of Industries (PFII) signed a memorandum of understanding with the Export Challenge Fund (ECF) to launch the Export Challenge Fund, a strategic step aimed at supporting national industry and promoting Palestinian exports regionally and internationally.

PFI Chairman Nassar Nassar told Ma'an that the program focuses directly on increasing exports and their impact on creating job opportunities in vital sectors struggling under the current difficult economic conditions.

Nassar added that this project represents a fundamental step in reviving development by supporting the agriculture and industry sectors. He noted that the program's success will be measured by its economic impact, as a $1 million investment could generate $10 million in new income for the national economy.

He pointed out that the program aims to expand and diversify Palestinian export markets, expressing his confidence in the success of the initiative, which stems from the belief of the Palestinian people and the private sector in their ability to confront current economic challenges. He also expressed his appreciation for the efforts of the Export Program in this joint cooperation, looking forward to more similar programs in the future.

For his part, Nassim Nour, Director of the Export Program, explained that the program, funded by the British Consulate General in Jerusalem, aims to develop the private sector and overcome obstacles to the growth of Palestinian exports by providing joint grants that help companies develop their products, enter new markets, and jointly bear risks.

Nour added that the Export Challenge Fund program aims to diversify Palestinian markets and reduce dependence on specific markets. He noted that the current volume of Palestinian exports amounts to approximately $1.4 billion annually, of which more than $1 billion is directed to the 1948 territories. He added that the program allows companies that are able to increase their exports over the next year to receive financial support equivalent to 10% of the value of this increase, which encourages expansion and entry into new markets.

The Export Challenge Fund is expected to contribute to enhancing the competitiveness of Palestinian products and creating new job opportunities, serving as an effective step toward achieving sustainable economic development despite existing challenges.