The Finance for Jobs project entitled "Gaza Industrial Estate PV solar energy system" (F4J GIE PV Project), which is the first largest scale electricity generation from renewable energy source in Palestine, has been awarded the World Bank (WB) President's Awards for Excellence. This Award for Excellence recognizes F4J project in delivering results toward the World Bank Group’s mission and objectives, demonstrating strong collaboration among WBG, and exhibiting characteristics of exceptional leadership.
The F4J GIE PV Project will form the largest solar array in the West Bank and Gaza with a capacity of 7 megawatt installed and will provide cheap and reliable green electricity to the Gaza Industrial Estate (GIE) tenants. This project will address the chronic electricity shortages that cause factories to shut down operations, scale back output and incur substantial additional expenses in operating private generators. As a result of the F4J GIE PV project, factories will be able to scale operations and create about 800 new jobs.
Financing of a 7MW rooftop PV solar energy system will comprise an IFC Loan, sponsor (PRICO) equity and F4J co-finance facility will complement the investment cost, together with MIGA insurance to about $11million.
The Finance for Jobs (F4J) is a 4-year project, implemented by DAI Global, LLC (DAI) on behalf of the Ministry of Finance and Planning (MoFP) and funded by the World Bank, with the overarching objective of mobilizing private investments and creating employment opportunities in the West Bank and Gaza.