By NNN-KUNA
Brussels : The European Commission (EC) has announced that it will launch a new instrument Friday to channel European Union and international assistance as a contribution to the building of a Palestinian state.
Called PEGASE (Palestinian-European Mechanism for Management of Socio-Economic Aid) it is a follow-up to the current Temporary International Mechanism (TIM).
PEGASE will channel support for the three-year Palestinian Reform and Development Plan which was presented by Palestinian Prime Minister Salam Fayad at the Paris Donor Conference in December.
According to EC sources Monday, assistance under PEGASE will be channelled to the West Bank, Gaza and East Jerusalem.
The European Commission pledged 440 million euro at the Paris conference for 2008 out of which 325 million euro will go to PEGASE, according to EC sources. The remaining sum of 115 million euro will be given to UNRWA and other NGOs.
“The European Union is strongly committed to support the Palestinian Authority’s reform and development priorities,” said EU Commissioner for External Relations and European Neighbourhood Policy, Benita Ferrero-Waldner in a statement.