|Bank Bank of Palestine|
|Client Ibtikar Fund: Investing in Youth|
With youth unemployment at 50% and with entrepreneurs not having early stage financing, Bank of Palestine stepped in to create a bridging mechanism to support investing in aspiring entrepreneurs. The bank along with several like-minded partners has established a $10 million Ibtikar Fund.
The objective of this fund is to invest selectively in Palestinian early stage innovative ventures (focusing primarily in the ICT sectors) that, through active participation of fund managers and a network of experienced mentors, leads to successful results and enables companies to grow and create returns to investors. The effects of this fund will go beyond the hoped-for returns to investors and will positively impact the Palestinian economy and create employment opportunities for young Palestinian university graduates.
Ibtikar Fund will be a game changer for Palestinian young entrepreneurs, as it closes a critical funding gap, and partners with existing accelerators, helping to support entrepreneurs to become more sustainable and enabling them to move away from donor dependency (in a space where private sector management is needed). The fund fills a void in the entrepreneurial eco system providing early stage start-ups with seed funding to graduate to angel and venture capital investments.
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