Palestinians issue first corporate bond

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A Palestinian investment firm has issued the territory’s first corporate bonds in an effort to strengthen local economy. PADICO, a publicly traded company focused on investment in the Palestinian economy, issued 7,000 five year bonds, worth $ 70m.

“We are taking the long view on things and hope to raise money through our corporate bonds to finance additional long-term investments; that is our vision and that is our strategy for Palestine,” Munib Masri, the PADICO chairman said in a statement.

The authorities expressed happiness and hope that this step will boost the private sector; the Palestinian Prime Minister Salam Fayyad lauded the case as a happy and important occasion and a significant step.

“We are hopeful that other competent and solid companies in Palestine will follow suit and issue financial instruments that will augment the variety of financial intermediary tools in Palestine, and will also improve our credit standing as a financial market,” Maher al-Masri, the chairman of the Palestine Capital Markets Authority told a major news agency.

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