(MENAFN - Qatar News Agency) European Union (EU) granted on Friday 1.1 million Euro out of a total package of 22 million euro as a part of Palestinian Authority's 'Private Sector Reconstruction in Gaza' (PSRG) programme.
PSRG is the first large-scale initiative in support of the private sector in the Gaza Strip to provide financial support to Gaza businesses that were destroyed or damaged by Israel's 2008-2009 'Operation Cast Lead,' Palestine News and Info Agency (WAFA) reported.
PSRG contribution will be channeled through PEGASE, the EU's mechanism for support for the Palestinians.
It targets businesses of all sizes in almost all sectors of activity, which need to restore destroyed or damaged assets necessary for their activities. The ultimate objective is to revitalize the economic activity in Gaza and provide for sustainable livelihoods for its people, WAFA said.
EU committed 22 million euros to PSRG at the end of 2009 before Japan committed an additional 6.58 million to the programme in March 2011.