According to bank provided information, the investment involves the provision of an SME loan of up to USD 3.0 million (EUR 2.5 million equivalent) in favor of Vitas Palestine for Microfinance Company (Vitas Palestine), a for-profit microfinance institution incorporated in the West Bank.
The credit line will be used by Vitas Palestine to on-lend to MSMEs operating in all sectors in the West Bank.
Vitas Palestine for Microfinance Company (the "Company" or "Vitas Palestine") was established in its current form in 2013 in Ramallah, West Bank. In 2015, the Company obtained its license as a private specialized lending company from the Palestine Monetary Authority ("PMA") and is regulated by it. Currently, the Company operates in both the West Bank and Gaza through 10 branches (of which seven are in the West Bank and three are in Gaza), and employs 120 people and has a total lending portfolio of around USD 49.0 million.
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