Egypt's $500M Gaza reconstruction donation will benefit Palestinian workers, Egyptian companies without rewarding Israeli: Study

CAIRO – 25 May 2021: The Egyptian Center for Strategic Studies (ECSS) said Egypt’s initiative to reconstruct Gaza with a contribution of $500 million will help Egyptian companies participate in the reconstruction of other countries.

The fund also launched bank account #037037 to accept donations for the Palestinian impoverished strip. However, Egypt set a plan to so Egyptians and Palestinian benefit from the initiative, without rewarding Israel for the destruction.

Egyptian construction and infrastructure companies have gained massive experience after participating in dozens of infrastructure projects in Egypt in the past few years, including building new cities.

The initiative will help engage in Egypt in similar projects in countries that need reconstruction and infrastructure rehabilitation, such as Iraq and Libya.

The initiative will give more presence to Egyptian oil, construction, telecommunication, and electricity companies in the region. It will also give the companies experience in working under varying circumstances and in different environments, which will later qualify them to work elsewhere.

Meanwhile, the reconstruction will be at the hands of Palestinian workers, who will benefit from the employment for as long as the reconstruction is ongoing. Non-monetary contribution to Gaza will deprive Israel from benefitting, because any currency is ultimately exchanged for the Israeli shekel, as Israel is the main economic partner of Palestinian territories and Palestinians do not have a currency of their own.