Japan signed an agreement to provide Palestine with 1 billion yen (approximately $9.17 million) based on an “economic and social development plan”, the foreign ministry in Tokyo said.

The agreement was reached on Nov. 28 and signed by Masayuki Magoshi, ambassador for Palestinian affairs and representative of Japan to Palestine, and Palestinian Minister of Finance Shukri Bishara, who also exchanged a letter regarding the grant.

“This cooperation is intended to contribute to the promotion of economic and social development efforts of the Palestinian Authority and will be used to procure fuel as a necessary material in the Palestinian Authority,” Magoshi said.

“It is hoped that this will improve the severe financial situation of the Palestinian Authority and contribute to the promotion of efforts to stabilize economic activities and civil affairs,” Magoshi added.

In the Palestinian Autonomous Region, the Gaza Strip suffered widespread damage in May this year due to conflict and the socio-economic situation of Palestine continues to be severe.

“Under these circumstances, it is indispensable to support the efforts of the Palestinian Authority for economic and social development and to stabilize and develop Palestinian civil society in order to foster the momentum for achieving peace in the Middle East,” Magoshi said.