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The Bank of Palestine opens an office in Chile to connect Latin America and the Middle East

The Bank of Palestine today opened a representative office in Chile, the first of an Arab bank in Latin America, with the purpose of becoming a bridge for business between this region and the Middle East.

Santiago de Chile, Nov 7 (EFE). - The Bank of Palestine inaugurated today a representative office in Chile, the first of an Arab bank in Latin America, with the purpose of becoming a bridge for business between this region and the Middle East.

"The idea is to create an international business network linking Latin America, Palestine and the countries of the Arabian Gulf, where we have a representative office in Dubai since 2015, becoming a business and investment bridge between the Middle East and Latin America, "said the bank's president. Hashim Shawa, at a press conference.

The head of the Bank of Palestine (BoP, for its acronym in English) is in Santiago with Azzam Shawwa, president of the Authority Monetaria Palestina, for the launch of the entity's office, which has already received authorization from Chilean authorities to operate in the country.

Shawa explained that they decided start its expansion in the region with the office in Chile because the southern country hosts the largest community of the Palestinian diaspora.

It is estimated that more than 300,000 people of origin Palestinians live in the South American nation, which makes it the largest community outside the Arab world.

The executive highlighted that the commercial exchange between Latin America and The Middle East is very small, so the Bank of Palestine aims to become an "active player" in the promotion of business and investment between the two regions.

In that He pointed out that the Palestinian entity has shareholders and investors from countries such as the Arab Emirates, Kuwait, Saudi Arabia and Jordan, which it wants to "connect" with potential partners in Chile and other Latin American countries.

Shawa mentioned infrastructure projects as one of the most attractive fields for investment, given the need for infrastructure that it has Palestine and other Arab nations.

Emphasis will also be placed on the sectors of renewable energy, tourism, agriculture, mining and waste treatment.

Shawa highlighted that the Bank of Palestine, created in 1960, has had a "phenomenal growth" in the last decade despite the political instability in the area due to the Israeli-Palestinian conflict and the "occupation" of Palestinian territories.

The entity has multiplied its investment assets tenfold in the last decade, from 500,000 dollars to 5,000 million, he stressed.

director was convinced that the internationalization of the bank with the offices in Dubai and Santiago will contribute to the economic development of an economically independent Palestine, strong and stable ".

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