Arab Bank has disclosed US$57m in credit facilities for the Jericho cement plant in the West Bank, which represents a total investment of approximately US$115m.

In its 12 November announcement, the bank described itself as the project’s sole banking financier, complementing equity contributions from the Palestine Investment Fund and Union Five Development and Investment, an Issa Khoury Group company.

Located at An-Nuweima, north of Jericho, the facility occupies approximately 24ha. Arab Bank puts its expected annual cement capacity at approximately 1.2Mta, sufficient, it says, to meet around half of local demand. The project is expected to create approximately 125 direct jobs, alongside indirect employment in associated industries.

Palestinian President Mahmoud Abbas inaugurated the plant on 2 November, with Prime Minister Mohammad Mustafa and representatives of the investors attending. Following a tour of the facilities and an explanation of the production process, President Abbas activated the machinery to mark the start of production, according to the official inauguration report.

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Speaking at the ceremony, Mr Mustafa highlighted the plant’s role in reducing reliance on imported construction materials and developing Palestinian industry. He also linked the investment to anticipated demand for materials for the reconstruction of Gaza.

The project occupies approximately 24ha and is expected to create around 125 direct jobs, according to the bank.