Region | Palestinian Territories

Hamas asks for $100m loan

Hamas has asked Palestinian monetary authorities for an emergency $100 million loan to help ease the government's growing funding crisis.

  • Agencies
  • Published: 23:33 May 3, 2009
  • Gulf News

Ramallah: Hamas has asked Palestinian monetary authorities for an emergency $100 million loan to help ease the government's growing funding crisis.

George el-Abed, head of the Palestine Monetary Authority, said that his organisation was looking into the request.

"We're studying this issue. We have not made a decision yet," he added.

However the authority, which is the watchdog for banks in the West Bank and Gaza, may not have enough money, with officials at the organisation estimating its reserves at $41 million, with $26 million on hand in cash.

Abed added that the refusal of local and regional banks to deal with the Hamas-led government had increased the financial crisis.

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