An-Najah News - According to a statement by the World Bank the World Bank has approved a US$15 million grant to improve sustainable economic opportunities for many Palestinian youth through the information technology (IT) sector.
(TechStart) Project aims to help the Palestinian IT sector upgrade the capabilities of firms and create more high-quality jobs.
Kanthan Shankar, World Bank Country Director for West Bank and Gaza siad “The IT sector has the potential to make a strong contribution to economic growth. It can offer opportunities to Palestinian youth, who constitute 30% of the population and suffer from acute unemployment.”
“There are more than 3,000 IT graduates every year from Palestinian universities, and most of them do not have a job. Moreover, the sector is less vulnerable during crises and can accommodate remote work during times like the COVID-19 pandemic or other restrictions on movement.
This new project is part of the World Bank’s strategy to invest in a stronger entrepreneurship ecosystem for job creation.”
The IT sector has the potential to be a source of economic growth and employment. Demand for IT services has increased significantly in the Palestinian territories, and there is a growing trend toward IT outsourcing.
The new project will tap this potential source of job creation and address the constraints on its expansion in the Palestinian territories, while helping develop an ecosystem that spurs innovation and research and development.
Given that the IT sector relies primarily on technology and skilled human capital, the project will encourage companies to invest in these areas, thus addressing impediments to the supply of high-quality IT services.
It will target firms and individuals that need upskilling to better meet the needs of clients. The project will also provide seed grants to stimulate private investments in the sector, including for research and development. Private sector actors will have the opportunity to invest in new IT firms, training, or human resources services.
The project will also stimulate the demand for Palestinian IT services by attracting foreign direct investment, fostering partnerships with global tech companies, and improving market access. It will help diffuse information abroad on market opportunities in the Palestinian IT sector.
This is even more critical in a fragile and conflict-affected environment that often struggles to attract investment. With awareness raising, the project seeks to expand opportunities and broker new deals. The IT firms will not only benefit from new incomes but will also be exposed to new know-how in technology and marketing their services.