Palestinians Offer First-Ever Corporate Bonds

Posted on May 12, 2011

Flickr / World Economic Forum Some rights reserved

Palestinian Prime Minister Salam Fayyad speaks at a World Economic Forum meeting in early 2011.

Following a possible 10-day freeze on revenue collected on Palestinian goods that pass through Israel’s ports and airports, a Palestinian investment firm has issued the territory’s first-ever corporate bonds, which Palestinian leaders and businesses hope will strengthen the local economy.

Israel imposed the freeze after Fatah, Palestine’s ruling party, made peace last week with its political rival Hamas, which refuses to recognize Israeli statehood. —ARK

Al-Jazeera:

PADICO, a publicly traded company that focuses on investment in the Palestinian economy, announced on Tuesday that it is issuing 7,000 five-year bonds which are worth $70m.

... Issuing of the corporate bonds comes amid growing financial hardships for Palestinians, who have been subjected to an Israeli freeze on monthly transfer of funds.

... “The delay in transferring funds is a yellow card for the PA after the signing of the agreement with Hamas,” Yuval Steinitz [Israel’s finance minister] said on public radio on Wednesday.

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