Prime Minister Mohammad Shtayyeh today chaired the first meeting of the Board of Directors of the government-owned and run Istiqlal (independence) Bank for Investment and Development, a year after it was established by a presidential decree.
Speaking at the meeting, Shtayyeh said the bank is part of the national development plan, stressing that “the bank is governmental, not commercial, and it will not be a competitor to anyone, and it will not deal with individual loans and deposits.”
He stressed that the aim of establishing the bank is to push forward the investment and development process towards economic and social progress, expand the production base of the national economy, stimulate investment in start-ups and small and medium-sized enterprises, and encourage technology companies and innovation.
The meeting discussed the most important requirements to launch the bank and the bank’s general strategic framework, vision and mission, as well as general policies and strategic objectives.
President Mahmoud Abbas issued a decree on February 10 of last year establishing the bank based on the recommendation of the Council of Ministers. The prime minister chairs its board of directors, consisting of seven members of the public sector, mainly cabinet ministers, and four independents for a period of three years that could be extended only one time.
Source: Palestinian News & Info Agency (WAFA)