Jeddah, Kingdom of Saudi Arabia, 26 December 2021 - The Council of Participants (CoP) of the Economic Empowerment Fund for the Palestinian people (EEFPP) has convened for its 3rd meeting.
Chaired by Islamic Development bank (IsDB0 President and Chairman of IsDB Group, H.E Dr. Muhammad Al Jasser, the EEFPP meeting brought together all shareholders representatives namely, IsDB, the Islamic Solidarity Fund for Development (ISFD), the Palestine Investment Fund (PIF) and the Palestine Prosperity Investment & Development (PPID).
Dr. Al Jasser welcomed the Members of the Council and reaffirmed IsDB’s commitment as founder and manager of the Fund in working jointly with all partners to ensure a successful start and achieving its overarching goals in accordance with the highest professional standards and the best corporate governance practices.
During the meeting, the EEFPP’s CoP approved the selection report of an External Fund Manager for the EEFPP, cleared the report recommendations and authorized the EED team to implement the decision under the supervision of the Fund Management Committee.
The CoP expressed their appreciation for the commendable efforts deployed by the IsDB team to select a Fund Manager with strong international experience and solid track record in impact investments, particularly in challenging environments such as Palestine, to manage EEFPP’s operations. The CoP also approved the action plan and the admin budget of the Fund for the year 2022.
Established by the IsDB with a capital of US$ 500 million, the EEFPP seeks, over the next decade, to empower more than 300,000 Palestinian families. This is expected to be achieved through investing in sustainable Economic Empowerment projects in partnership with the key stakeholders, aiming at integrating the targeted beneficiaries into the local economy and enhancing their resilience.