According to bank provided information, the investment is provision of a senior loan up to USD 10 million to The National Bank (TNB), for on-lending to private micro, small and medium-sized enterprises (MSMEs) and corporates in the West Bank.
This project was approved in the context of the Bank's response to the COVID-19 pandemic. To avoid delays to the delivery of this project, the Bank's President granted a deviation from the ordinary timelines for PSD disclosure, as contemplated by Section V of the Directive on Access to Information. Details of the Bank's response to COVID-19, and this deviation, can be found on our website.
The project is part of EBRD's Solidarity Package, which aims at supporting existing clients amid the COVID-19 pandemic.
TNB is the second largest local commercial bank and the third largest bank in West Bank & Gaza, with a market share of 15%, 16.5% and 15% in terms of assets, loans and deposits, respectively, as of YE2019. TNB has around 632 employees and operates through 21 branches in the West Bank. TNB offers a broad array of financial products and services including retail, corporate, Islamic banking (through its subsidiary the Palestine Islamic Bank), e-banking and SME lending.
ACCOUNTABILITY MECHANISM OF EBRD
The Project Complaint Mechanism (PCM) is the independent complaint mechanism and fact-finding body for people who have been or are likely to be adversely affected by an European Bank for Reconstruction and Development (EBRD)-financed project. If you submit a complaint to the PCM, it may assess compliance with EBRD's own policies and procedures to prevent harm to the environment or communities or it may assist you in resolving the problem that led to the complaint through a dialogue with those implementing the project. Additionally, the PCM has the authority to recommend a project be suspended in the event that harm is imminent. You can contact the PCM at email@example.com or you can submit a complaint online using an online form, http://www.ebrd.com/eform/pcm/complaint_form?language=en. You can learn more about the PCM and how to file a complaint at http://www.ebrd.com/work-with-us/project-finance/project-complaint-mechanism.html.