Renewing its commitment to the people of Palestine, the Spanish government allocated 25 million Euros for the EU’s aid to the Palestinian authorities under the new direct aid program ‘Pegase’ which is aimed at increasing stability and bringing civic machinery in place in the region.

Started in January 2008, this program has provided Palestine with an aid of 550 million Euros, and this year 293 million Euros have been provided so far. Spain was the first country in 2008 to donate 20 million Euros under this program. This aid is expected to be provided in 2 phases, the first 14.84 million Euros were distributed day before yesterday and the rest is expected to reach there in December. The aid will provide salaries and pension to 79,916 serving and retired bank officials.

Spain’s Consul General in Jerusalem, Ramon Ansoain said that this aid indicated the support of the Spanish government towards bringing the social and institutional stability in the country. His Swedish counterpart Nils Eliasson was hopeful that the Palestinian economy would grow and reduce dependence in the coming years.