Press Release

Thursday, May 22, 2008

OPIC Signs Agreement to Support Growth of Palestinian School

BETHLEHEM, Palestine – Robert Mosbacher, Jr., President and CEO of the Overseas Private Investment Corporation (OPIC), today signed an agreement enabling OPIC to support the establishment of an endowment for a renowned Quaker school near Ramallah, benefiting a diverse student body that includes many poor Palestinian children.

Through the memorandum of understanding (MOU), OPIC agreed to consider providing a loan to the Friends School in Ramallah-El Bireh, a school operated under the guidance of the Friends United Meeting, a non-profit organization based in Indiana.

The school will use the OPIC financing to develop a commercial real estate property on its campus, from which office space will be leased to local and international entities conducting business in the West Bank, such as non-governmental organizations, multilateral and bilateral governmental organizations, as well as private companies. Income from the property will be used to support the school’s budget and build its first strategic operating endowment.

Mosbacher signed the MOU at the 2008 Palestinian Investment Conference in Bethlehem. Also signing was Samer Shehadeh, who represented the school’s board of trustees.

“The Friends School in Ramallah-El Bireh has for more than a century produced leaders of Palestinian society, providing high-quality education to a diverse student body that includes many poor children. By establishing a commercial development that will also support local and international organizations working in the region, this project will ensure the school’s continued excellence,” Mosbacher said. “OPIC is pleased to support the ongoing development of Palestine’s human capital.”

Joyce Ajlouny, director of the school, said, “The Friends School of Ramallah-El Bireh is very pleased to be working with OPIC on the development and financing of this very important investment. This project signifies a dream come true for our school community as it will allow the School to strengthen its unsteady financial standing by providing sustainable revenue to supplement the budget as well as to build a strategic operating school endowment. We believe this partnership will allow us to take our school to the next level as we pursue our mission of serving Palestinian students, families and the wider community, and generating leaders for years to come.”

The Friends School was founded in 1869 and is a leading educational institution in the Palestinian community. For nearly 140 years, its graduates have achieved success in fields such as commerce, science, art, and diplomacy, and have held prominent positions within the Palestinian community and abroad. The school strives to enroll a student body representative of Palestinian society by accepting applicants from diverse social, religious, and economic backgrounds. It is accredited by the International Baccalaureate Organization and enrolls approximately 1,150 students from kindergarten through grade 12.