Will Palestinians get new homes?
צילום: יהונתן צור
30,000 new Palestinian homes planned for West Bank, Gaza
Palestinian fund plans to construct affordable homes to ease housing crisis in West Bank and Gaza. Venture includes establishment of mortgage company
The Palestinian Investment Fund (PIF) says it plans to build 30,000 affordable apartments in the West Bank and Gaza to ease a growing housing crunch. An official in the fund said Saturday that the project will cost more than $2 billion, and that private investors will be involved. A formal announcement will be made Monday.
The official says a mortgage company will be established as part of the project.
Investment in housing is seen as one of the more attractive business opportunities in the West Bank because the housing shortage is considerable, and construction has become feasible due to the easing of movement restrictions by Israel.
The PIF was founded in the year 2000 as an independent investment company committed to the increasing the assets of their Palestinian shareholders. The fund has established offices in Gaza, the West Bank city of Ramallah, Amman, and Cairo.
Defense Minister Ehud Barak recently presented a plan to US Secretary of State Condoleezza Rice that would see the establishment of two large Palestinian neighborhoods, each comprising a few thousand homes.
In his plan, Barak proposed a series of gestures, among them the construction of an interchange that will ease traffic congestion for neighborhood residents. The realty project would be funded by donations.
