Palestinian businessman seeks self-funded projects to support Gaza economy
An agreement of $1 million was signed to restore industrial facilities that were destroyed in the May 2021 war on Gaza, which came as a glimmer of hope for the stricken industrial city.
Works on the rehabilitation of Gaza’s industrial city, known officially as the Gaza Industrial Estate, that was destroyed during the May 2021 Israeli war on the Gaza Strip are ongoing as part of a self-financed project by Bashar Masri, a Palestinian businessmen and chairman of the Palestine Development and Investment Company (PADICO).
Masri has self-financed $1 million for the project, which would be carried out by PADICO under an agreement announced May 25 in Gaza City.
Masri, who is currently in the Gaza Strip to oversee the works on the industrial city, is seeking more projects to attract investments and develop the local economy in the besieged enclave, in the absence of funds due to the repeated wars in Gaza.
In the final days of the 11-day military conflict between Israel and Hamas in May 2021, Israeli airplanes deliberately bombed factories and economic facilities in the industrial city, incurring heavy losses worth $22 million.
