The National Bank (TNB) and the Palestinian Energy and Natural Resources Authority have signed a joint cooperation agreement, to manage the accounts of the Energy Authority related to the World Bank and German Development Bank (KFW) programmes for the benefit of the energy sector in Palestine. The agreement allows the Energy Authority to benefit from the various banking services provided by the Bank. The Agreement was signed by HE Zafer Melhem, Chairman of the Palestinian Energy and Natural Resources Authority and Salameh Khalil, CEO of TNB, in the presence of a number of official figures from both parties.
Under the agreement, TNB will open bank accounts for the Energy Authority for World Bank and the KFW projects to disburse and manage the funds in accordance with donor conditions and in accordance with the instructions of the Palestinian Ministry of Finance.
Melhem stated that these partnerships between the public and the private sector aim to provide all facilities for projects seeking to develop the energy sector. He stressed that these projects will contribute to improving the quality of services provided to citizens everywhere, and will help solve the electricity problem in the Gaza Strip.
For his part, Khalil expressed his pride in the Energy Authority joining TNB’s list of partners and considered this agreement as only a first step in a series of future cooperation opportunities between the two parties. Khalil thanked the Energy Authority for their trust in TNB and for selecting the bank to manage the funds of the grants projects. He also stressed that the bank will allocate staff to follow up on the accounts of the Energy Authority under the highest professional standards.
Khalil stated that TNB is a leading bank in exploiting the natural energy resources in Palestine to contribute towards energy independence. He also pointed to TNB’s investment in the "Noor Jericho" station with a production capacity of 1.17 MW and connecting 85% of its branches to clean solar energy from a Palestinian national source.
