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The UK contributes to the Palestinian economy through budget support to the Palestinian Authority (PA) and support to the development of the private sector.
Since March 2008, the UK Government have provided £53.5 million in budget support to the PA through the World Bank Trust Fund. The European Commission also provided £281 million to the Palestinian Authority (PA) through its PEGASE mechanism in 2008. The funding provided through the World Bank Trust Fund and PEGASE has enabled the PA to stabilise its finances and catch up with arrears of salary payments. This has helped stabilise the economy, reduce household debt and improve investor confidence.
In May 2008 we set up the £3.3 million Facility for New Market Development to enable Palestinian businesses to develop new products and research new markets for their goods. This project has helped over 180 companies in both the West Bank and Gaza. The UK has also funded two conferences to encourage investment in the Occupied Palestinian Territories. These have resulted in the construction of a £25 million hotel development in Ramallah, the establishment of the Palestine British Business Council, and training courses for Palestinian IT professionals in Ramallah by Google.