Palestine – SIDI pursues its commitment to the economic rights of the Palestinian people

[chapeau] In the face of a major new crisis affecting Palestine, SIDI rejects all violence and recalls that the Palestinians are first and foremost a people, of all secular and religious persuasions, deprived of their rights. SIDI intends to pursue its commitment in this area in order to provide the population with access to the essential financial services they need to develop their economic activities. [/chapeau]

SIDI has been involved in Palestine since the 90s, defending the economic rights of the population through its work with local microfinance institutions ACAD and ASALA. It was the first solidarity investor.

Given the recurrence of crises and the violent effects of occupation, it became clear to SIDI that microfinance could not develop without a guarantee fund to cover these contextual risks. Current events once again confirm the relevance of the DAMAN guarantee fund, set up in 2008 by SIDI with its two partners ACAD Finance and ASALA Credit & Development.

This risk is in fact multiplied, and concerns in particular the foreseeable destruction of economic projects financed by microfinance institutions. In practical terms, DAMAN enables local microfinance institutions to continue covering the risk of lending to vulnerable populations in the West Bank and Gaza: when the beneficiary of a microcredit is unable to repay due to acts of war or the consequences of the Israeli occupation, the MFI can then call on DAMAN for compensation.

DAMAN was perpetuated in 2015 by the creation of a non-profit company recognized by the Palestinian Monetary Authority. The DAMAN fund is therefore open to financial support from other players, and today enjoys the support of the NGO Paix Juste au Proche Orient.

SIDI is pursuing its mission as a solidarity investor in Palestine and is standing by its partners as they face up to the dramatic challenges of today. It will continue to call for sincere dialogue and a just peace.