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Palestinians Issue First Bonds

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RAMALLAH, West Bank – The Palestinians issued their first bonds on Tuesday, a new milestone in their effort to build the trappings of an independent state.

The $70 million in five-year corporate bonds was issued by the biggest company in the Palestinian territories, the Palestinian Development and Investment Co., which has investments in real estate, energy, pharmaceuticals, electronics, communications and tourism.

PADICO's chief executive, Samir Hulileh, said the bonds would help to finance a $300 million power plant and an entertainment and tourism center in the West Bank.

Palestinian and Jordanian banks bought the bonds, he said.

Salam Fayyad, the prime minister of the Palestinian Authority that controls the West Bank, said his government was encouraging the private sector to float bonds and planned to issue its own bonds at an unspecified date.

"The Palestinian Authority is determined to build the foundations of an independent state," said Fayyad, a U.S.-educated economist, adding that the government had dramatically reduced its reliance on foreign aid to a planned $970 million this year from $1.8 billion in 2008.

And so the debt servitude of the Palestinians to the bankers begins.

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  • 311 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?

      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%

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