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Palestinian firm investing millions in W. Bank

 A private Palestinian company will spend hundreds of millions of dollars on projects in the West Bank and eastern Jerusalem.

The Palestine Development and Investment Co., or Padico, announced Monday that it would begin the projects in the coming months, The Media Line reported.

Projects include an electric power generation plan in Kalkilya and an all-purpose hall in the center of eastern Jerusalem.

The projects will be unveiled officially during a Palestinian Authority investment conference scheduled for November in Nablus, The Media Line reported.

Padico executives believe the West Bank is more secure than in recent years.

“There is a state of better internal security compared with the past as a result of measures taken by the Palestinian Authority, particularly in Nablus and Jenin,” Padico Executive President Samir Huleileh told The Media Line. “There is no corruption, and investors don’t need to pay anybody in order for their projects to move.”

Padico owns or has a large stake in 31 West Bank and Gaza Strip companies.

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