Monday, April 27, 2009

Palestine: Aid from the USA for SMEs has been used to guarantee loans for Wataniya Palestine

[Reuters Blog] In the latest in our investigative series on transparency and fiscal governance in the Palestinian Territories, we examine a US programme that was supposed to support small and medium-sized businesses in the region but actually used US taxpayer money to give loan guarantees to a mobile phone company which already had wealthy backers.

U.S. aid in the form of loan guarantees meant for Palestinian farmers and other small to mid-sized businesses has been given to a mobile phone firm backed by President Mahmoud Abbas and Gulf investors.

The shift in U.S. taxpayer support to Wataniya Palestine, a joint venture between a Kuwaiti and Qatari telecoms group and a holding company for public assets, the Palestine Investment Fund (PIF), has dismayed sponsors of small private enterprise

Phone a friend
see also US aid goes to Abbas-backed Palestinian phone venture

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