DAVOS, Switzerland, Jan 21 (KUNA) -- The Chairman of the Board of Directors of Bank of Palestine Hashim Al-Shawa said on Tuesday, that the State of Kuwait and the rest of the Gulf Cooperation Council (GCC) countries contributed to financing the bank's capital and enhancing its ability to withstand the current crisis that the State of Palestine is going through.
This came during Al-Shawa's participation in a dialogue seminar entitled "A Briefing on the Humanitarian Situation in Gaza" during the 55th annual meeting of the World Economic Forum, which is ongoing in the Swiss city of Davos.
Al-Shawa confirmed that the bank was able to collect USD 300 million to support its ability to withstand and prepare for work on recovery, thanks to cooperation with many international institutions, including the World Bank, the European Bank for Reconstruction and Development, and the Palestinians inside, in addition to the Japan Investment Agency, in the past 15 months.
He explained that the economic situation in the Gaza Strip requires urgent intervention, calling for working to reduce the worrying disparities between the West Bank and Gaza, especially in the unemployment rate in the Strip, which exceeded 90 percent compared to 50 percent in the West Bank.
For his part, the Under-Secretary-General of the United Nations and Humanitarian Coordinator Tom Fletcher said during the same seminar that the reconstruction of Gaza might require between USD 40 and USD 80 billion, calling for urgent intervention to address the humanitarian and economic situation in the Strip.
Fletcher explained that the United Nations is currently coordinating efforts to provide basic needs, announcing the launch of a distress call to provide funding ranging between USD 3 and 4 billion as a first step to save lives and meet urgent needs in the coming weeks.
He stressed that the current period constitutes a real test for the international community, stressing the importance of partnership between governments, civil society and the sector in reconstruction and providing humanitarian aid to the Gaza Strip.
The annual meeting of the Economic Forum kicked off yesterday evening, Monday, in Davos under the title "Cooperation in the Smart Age" and its activities will continue until the 24th of this month. (end) amkh.mb