World Bank transfers an additional $25 million in budget support to Palestinian Authority
Reuters PhotoThe World Bank has said it transferred an amount of about $25 million to the Palestinian Authority from the Palestinian Reform and Development Plan Trust Fund (PRDP-MDTF), a multi-donor budget support mechanism administered by the Bank, in a written statement on Sept. 21.
The funds contributed by the governments of Norway and the United Kingdom, will help support the urgent budget needs of the Palestinian Authority (PA), providing inter alia support for ongoing macroeconomic and public financial management reforms, according to the statement.
The World Bank PRDP Trust Fund was established on April 10, 2008, through an agreement signed between the World Bank and the Palestinian Authority. It is a central component of a World Bank’s effort to support the ongoing Palestinian Reform and Development Plan. Currently, the PRDP-MDTF donors are the governments of Australia, France, Kuwait, Norway, the United Kingdom, and Japan.
With the new tranche release, the PRDP-MDTF will have disbursed about $1.38 billion, said the statement.