New Delhi, Oct 31 (IANS) India and Palestine on Monday signed a memorandum of understanding (MoU) for setting up a Palestine-India Techo Park in Ramallah, the External Affairs Ministry said.
In a statement here, the ministry said that during the visit of President Pranab Mukherjee to Palestine in October last year, the announcement for setting up of park was made.
According to the statement, India has announced a grant of $12 million for setting up the park with payment of $3 million each on half-yearly basis for two years.
"The Palestinian side has made the land available for the project," it said.
"Once completed, the Techno Park will serve as an IT hub in Palestine with complete IT facilties 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 statement also said that the assistance was part of India's strong commitment to support the Palestinian cause.
"The project will help job creation, business and other opportunities for young Palestinians," it added.
