TNB signs MOU with the Ministry of Labour to finance small enterprises with zero interest rates
The National Bank “TNB” signed a Memorandum Of Understanding today with the Palestinian Ministry of Labour to finance establishing small projects in the West Bank with zero interest rates. The MOU was signed at TNB Headquarters by Nasser Qatami, the Deputy Minister of Labour and Ahmad Hajhasan, TNB Chief Executive Officer in the presence of managers from both sides and the local media.
Under the MOU, TNB will be financing micro projects with the value of $150,000 with zero interest rates, $10,000 for each project. And in line with the bank’s policy to empower Palestinian women, TNB will devote one third of this value for women projects. On the other hand, the Ministry of Labour will choose the entrepreneurial projects that will be financed and provide technical support, building skills and giving the training needed to entrepreneurs.
Hajhasan expressed his pleasure in establishing a new strategic partnership with a reputable Palestinian party. Pointing that signing the MOU came as a result to the mutual interest between both parties to create jobs for Palestinian youth, stir the wheel of economy forward and create sustainable development. Hajhasan also stated that this step comes in line with the corporate social responsibility of TNB hoping to increase the financing value of the MOU in the coming future depending on the performance of the financed projects at this stage and their results.
Hajhasan also gave a glance about TNB’s history and experience in Microfinance lending for the past ten years, in addition to the bank’s latest experience in financing a value of $1.5 million with zero interest rates to empower women though micro projects, run and managed by them which resulted in great success stories.
On the behalf of the Ministry of Labour, Qatami thanked TNB for this initiative stressing on the important role that micro projects play in terms of reducing poverty and unemployment rates among youth. Qatami indicated that recent statistics show that the Palestinian labour market has limited jobs, which makes micro and small enterprises a significant solution to reduce unemployment rates among Palestinian youth, making them self dependent and help them achieve leadership. Qatami also urged the other banking institutions in Palestine to follow TNB’s steps in order to achieve sustainable development in Palestine.