India and Palestine on Monday signed the Memorandum of Understanding (MOU) for setting up of Palestine-India Techno Park in Ramallah.
During the visit of President Pranab Mukherjee to Palestine in October last year, the announcement for setting up of park was made.
The Government of India has announced grant of US$ 12 million for setting up the Park with payment of US$ 3 million each on half-yearly basis for two years.
The Palestinian side has made the land available for the project. Once completed, the Techno-park will serve as an IT hub in Palestine with complete IT facilities offering a one-stop solution to all IT-related service requirements, providing state-of-the-art technology, hosting IT companies and foreign companies benefitting local business, universities and other institutions.
The assistance is part of Government of India's strong commitment to support Palestinian cause.
The project will help job creation, business and other opportunities for young Palestinians.