Audit Report on March 2008 Cash Transfer to the PA

• “Clean” Audit Opinion for Cash Transfer to Palestinian Authority:  On May 21, the Regional Inspector General in Cairo released an audit report on USAID/West Bank and Gaza's March 2008 Cash Transfer of $150 million to the Palestinian Authority.  The report included an unqualified, or "clean", audit opinion and noted full compliance with the terms of the agreement.  This grant agreement was the largest single cash infusion to the Palestinian Authority in its history (since followed by a second $150 million transfer by USAID in October 2008) and the proceeds were used to support the PA budget by servicing debt and specific purchases from commercial vendors.  

EDUCATION DEVELOPMENT

• Technical and Vocational Education Possibilities Expanded:  An event was held celebrating the opening of the Technical and Vocational Education and Training (TVET) League office. The League was officially registered and established under the TVET program that is funded by USAID and implemented by Save the Children US and Mercy Corps. The League will serve as the coordination unit for members and as a career resources center.

ECONOMIC DEVELOPMENT

• Micro-insurance Introduced to Palestinian Finance and Insurance Representatives:  Over 80 finance and insurance industry representatives attended the workshop “Micro-insurance in Palestine: Opportunities to Serve New Markets” which was organized by the Expanded and Sustained Access to Financial Services (ESAF) project, implemented by AED.  The event, which was well attended by the donor community, introduced the concept of micro-insurance and discussed opportunities and challenges of delivering these services in the West Bank and Gaza.

• Palestinian Company Receives Global Food Safety Certification:  The PalGarden company received its Global Food Safety certification, which will increase its access to global food markets.  The Enterprise Development and Investment Promotion (EDIP) project, implemented by Carana Corporation, has provided technical assistance to PalGarden and Palestinian farmers to ensure that locally grown products can meet the demands of high-value markets. PalGarden provides sorting and packing services to hundreds of Palestinian farmers producing export quality vegetables for the European and Middle Eastern markets.