Prime Minister and Governor of the Palestinian Monetary Authority Launch "Bader" Program to Finance Workers in cooperation with the Tasdeer programme

Prime Minister Dr. Mohammad Mustafa and Governor of the Monetary Authority Dr. Feras Milhem launched the "Bader" program to finance workers inside the Green Line who are deprived of access to their workplaces. The launch event took place on Monday at the headquarters of the Monetary Authority. The program aims to encourage workers to start new productive projects or develop their existing ones to empower them economically under the current circumstances.

The Prime Minister emphasized the importance of the new program in alleviating the immense suffering faced by workers who have lost their sources of income for the tenth consecutive month. He pointed out that this program, along with other financial programs, contributes to economic empowerment and expands the productive base in extremely difficult and complex conditions facing the entire Palestinian cause. In his speech, he explained that the unjust piracy of Palestinian tax revenues has exacerbated the suffering and limited the government's ability to respond immediately to the crises caused by the war. This requires all related parties to think creatively about ways to enhance people's resilience and protect their dignity.

The Prime Minister expressed his pride in the banking system, which has proven its strength, resilience, and financial solvency despite the destruction of its capabilities in the Gaza Strip and successive economic shocks. He noted that the government respects the independence of the Monetary Authority and will not interfere in the decisions it makes to maintain financial stability and protect depositors' funds and consumers' rights.

In his speech during the launch event, Dr. Milhem explained that the program was initiated by the Monetary Authority in partnership with the Export Program and the Ministry of Labor. Workers who meet the criteria will be granted a loan with a ceiling of 60,000 shekels, without any interest or fees, with an easy repayment period of four years and a grace period of six months. He noted that the funding program requires the applicant to have an economic project idea, or own a small or micro-enterprise, and that the purpose of the loan is to finance working capital or operational expenses to achieve the project's goals.

Dr. Milhem confirmed that the funding program considers the conditions workers have gone through over the past nine months and their impact on credit ratings. It ensures justice in accessing funding sources and stipulates that the applicant should not have benefited from any previous sustainability projects in the last two years.

Billy Stewart, Director of Development at the British Consulate General in Jerusalem, said: "We are delighted to be partners alongside the Palestinian Monetary Authority and the Ministry of Labor in creating an innovative credit mechanism that will provide the necessary funding for Palestinian workers who have lost their livelihoods inside the Green Line." He noted that the loan mechanism will help establish new productive projects that will create new job opportunities for many.

Nassim Noor, Head of the Export Program team, said that the "Bader" lending program falls under the strategy of the Export Program and its interventions to enhance the Palestinian national economy and reduce unemployment. It will enable hundreds of unemployed people to develop small enterprises in agriculture and productive sectors through zero-interest and zero-fee bank loans covered by the Export Program.

Minister of Labor Dr. Inas Al-Attari expressed her hope that the "Bader" program would create 500 new productive projects and support hundreds of existing projects owned by workers, which would contribute to driving the economy forward despite the current difficult circumstances, ultimately leading to economic disengagement. She pointed out that all directorates of the Ministry of Labor in the northern governorates are fully prepared to assist Green Line workers who wish to register on the "Manshati" platform to benefit from interest and fee-exempt loans.

The new funding program targets officially organized workers inside the Green Line who were forcibly laid off from their workplaces (holders of valid permits before October 2023). Partner banks in the program will start receiving applications from workers wishing to benefit from the program starting today by adding the required data to the "Manshati" application on smartphones or visiting the platform's website.