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2020-01-19

The Employment Fund launches competitions to support youth initiatives through zero-interest funds

Palestine Economy Portal

 

The Palestinian Fund for Employment and Social Protection of Workers, in cooperation with the employment councils in the governorates of Ramallah, Al-Bireh, Nablus, and Gaza, and in partnership with the Palestinian Banking Corporation (PBC) and the Italian Agency for Development Cooperation (AICS), launched competitions for youth initiatives, with the aim of supporting the establishment of income-generating projects.

Initiatives include zero-interest financing for the winning and outstanding projects in the competition, to create new job opportunities for entrepreneurs, young entrepreneurs and small business owners, and employ the unemployed to increase opportunities for self-employment and enhance the culture of production and entrepreneurship.

These initiatives aim to reduce the high unemployment rates among youth and graduates. Moreover, to enhance the capabilities of youth through developing skills and providing professional advice and guidance to them. In addition to consolidating and spreading a culture of self-employment and entrepreneurship and promoting creative thinking, and promoting the idea of ​​positive competition among Palestinian youth to develop creative projects Innovative and support and raise the efficiency of existing pilot projects.

The Executive Director of the Employment Fund, Mahdi Hamdan, explained that what distinguishes the project, which will continue to register to benefit from it until the sixteenth of next month, is that the winning projects receive financing up to a maximum value of $ 15,000 with zero benefits financing, without any other commissions. He also said that the projects will receive support The necessary and follow-up, and technical and consulting services will be provided for a number of applicants, and trained in building the business plan, project management and marketing, indicating that the winning projects in the competition will be chosen based on specific criteria by specialized committees to identify distinct projects.

Hamdan noted that one of the most prominent conditions for participation in the project is that the applicant be of the age group (18 - 40) years, with an idea and the ability to implement in addition to possessing entrepreneurial skills. Aiming to improve the living status and providing suitable place for the project in a way that suits with the proposed idea will also support the proposals. As well as the commitment to standards and providing the required guarantees by the Palestinian Banking Corporation, in accordance with its credit policy and what is consistent with the requirements of the "Palestinian Monetary Authority."

He explained that the registration process for the competition is done through obtaining the application and the competition guide by downloading an electronic copy of the application and the competition guide through electronic links on the website of the operating fund www.pfesp.ps or by going to the headquarters of the operating fund in Ramallah, Gaza and councils Operating in Nablus, Gaza, Ramallah and the Palestinian Banking Corporation.

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