The World Bank has transferred $30 million to the Palestinian Authority to assist with “urgent budget needs,” the institution said in a press release on Tuesday.
The statement added that the funds, contributed by Japan and Australia as part of the World Bank’s multi-donor Palestinian Reform and Development Plan Trust Fund (PRDP), will provide “support for ongoing macro-economic and public financial management reforms”.
The PRDP trust fund was established in 2008, and includes funds from the governments of Australia, Japan, France, Kuwait, Norway, and the United Kingdom.
In June, the World Bank stated that it had contributed a total of $1.025 billion in its Trust Fund for Gaza and the West Bank since its inception in 1993.
By comparison, the United States gives Israel some $3 billion in direct foreign assistance each year.
The Palestinian Authority has struggled under severe financial strain over the years, exacerbated by instances when Israel has withheld taxes it collects on the PA’s behalf.
The World Bank estimated in April that the PA was losing up to $285 million each year under its current economic arrangements with Israel.