On behalf of all of us at OFID, allow me first to start by extending our warm welcome to you and the UNRWA delegation to our Headquarters in Vienna on the occasion of this grant signature ceremony. Your presence today is symbolic of our joint and fervent commitment to do whatever we can to alleviate the overwhelming deprivation and intense suffering of the Palestinians who live in the West Bank and Gaza. It also reinforces the sense of solidarity and support which we have shared throughout the many years of our cooperation together.
As you know, since 1979, OFID’s grant assistance to the Palestinians has been extended through several channels and targeted various objectives. Total commitments thus far have reached close to US$109 million, of which US$70 million have been channelled through the Special Grant Account for Palestine established in 2002. The projects financed under this Account have targeted health care, water supply and sanitation, education, rural development, as well as basic infrastructure. I am very pleased to report that the Account has been further replenished by an additional amount of US$20 million under a decision taken by OFID’s Ministerial Council which met two weeks ago. In addition to the foregoing, OFID has also extended 4 emergency grants in 2008, totalling US$11.5 million to cater for the most recent crisis situation.
Today we are focussing on PALFUND, the OPEC Fund Micro Enterprises for Palestine. In fact, our Meeting coincides with the 5 th anniversary of OFID’s cooperation with UNRWA’s Microfinance Department. It will be recalled that PALFUND started with an initial grant by OFID in the amount of US$2.5 million in 2004. An additional amount of US$7.5 million was approved in 2007 of which US$3 million have remained unallocated. However, the cumulative grant amount of US$7 million has been reinvested several times. Over 20,000 micro enterprise loans have been extended resulting in the financing of micro projects totalling US$ 26.55 million. This bears testimony to PALFUND’s growth and self-sustainability.
Although I could use this occasion to recount the numerous accomplishments achieved by UNRWA and OFID in their efforts to assist the Palestinian people, I find it preferable to focus on the success resulting from our partnership. I firmly believe that the best change occurs from within, and that one can give no better type of assistance than enabling those on the receiving end to have a chance to help themselves. OFID’s partnership with UNRWA has unlocked the door to many opportunities and enabled the Palestinians to use their instinct and creativity to achieve a sense of security and well-being for themselves, as well as for their communities in the longer term.
Under the umbrella of PALFUND, the micro financing vehicle has enabled its beneficiaries to re-establish themselves in somewhat modest but effective pursuits. It offered a mother of eight the possibility to start a successful grocery business in Nablus and permitted a 33 year old widow responsible for her 8 children to complete a university education and obtain a driving license to continue her husbands driving school business which her son is also co-managing. These are but two examples of the thousands of employment opportunities which our micro-financing vehicle has generated and will continue to generate, irrespective of age or gender. Indeed, this microfinancing instrument has proven to be extremely effective in fighting poverty, empowering the poor and enhancing economic growth in the West Bank and Gaza.
Madame Commissioner-General;
Excellencies;
Ladies and Gentlemen:
Today, through the signature of the grant balance of US$3 million, OFID is raising its total contribution to PALFUND to US$10 million. In doing so we are further reinforcing our commitment to our brothers and sisters in Palestine and also reinvigorating our valued partnership with UNRWA.
In closing, I would like to thank you Madame Commissioner-General, for making the journey to Vienna and being with us today. On returning to your headquarters, I would appreciate your conveying OFID’s gratitude to your dedicated staff for their tireless efforts and perseverance in their most challenging work.