WASHINGTON, April 7 (UPI) -- The World Bank plans to transfer $55 million to the Trust Fund for Gaza and the West Bank to help the two governments "build institutions," officials say.
The donation, announced Friday, must be approved by the board of governors, The Jerusalem Post reported. Officials said the money is to be used to build up the Palestinian private sector and public institutions.
Mariam Sherman, the bank's country director for the West Bank and Gaza, said the private sector continues to be stagnant because the Palestinians are cut off from access to land, water and foreign markets. Efforts by the governments in Gaza and the West Bank to increase revenue and cut spending have not been able to overcome their isolation.
"We are supporting the authorities as they build institutions and deliver services to citizens, but this must be coupled with measures to develop longer-term opportunities to unleash the vibrant Palestinian entrepreneurial spirit," Sherman said.
