A court in the occupied West Bank has ruled in favor to allow Palestinian banks to reopen after a ruling in favor last year.
The High Court of Justice of the West Bank ruled on Friday that the Bank of Jerusalem Bank of Israel Bank of Palestine Bank of Jordan Bank of Egypt and others must open their branches in the West’s third city to facilitate the opening of their businesses.
The ruling was issued after the Bank agreed to the opening in 2016.
According to the Palestinian Authority, the opening will help improve the lives of Palestinians.
The court said the Palestinian banks have been suffering due to the lack of infrastructure and financing.
The banks have had to rely on a number of private investors to carry out their activities, the PA said in a statement.
In November, the Palestinian leadership signed an agreement with Israel to open up its banks to Palestinians, opening up the Palestinian economy to Israeli firms.
It also agreed to create a special committee to coordinate the opening.