Palestinian Monetary Authority: Local Banking Sector Ready to Lead Gaza Reconstruction

Palestinian Monetary Authority Chief Shannaar affirmed that the local banking sector is prepared to lead Gaza reconstruction operations, emphasizing that the entire reconstruction process must remain under Palestinian management.

This came during a meeting held in Bangkok between central bank governors of Arab countries and World Bank Group President Ajay Banga, according to the official Palestinian news agency WAFA.

Shannaar pointed out that World Bank and international institution estimates place recovery and reconstruction costs at more than $71 billion. He called for maintaining the integrity of the banking sector and full financial linkage between the occupied West Bank and Gaza Strip, describing it as a condition to ensure resources are directed toward national priorities.

Shannaar called for lifting restrictions on the repatriation of excess liquidity, considering it necessary to ensure unobstructed financing flows. He also urged the World Bank Group to lead international efforts to mobilize support and expand financing through existing funds.