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Imagine providing electricity to your tenant but he hasn't paid you back for it in ten years. This is where Israel and the Palestinian Authority stand as the Jewish State has provided power to Gaza for a decade but has never gotten paid for it.
Now Israel has recovered money that will pay the electricity debt of $1,100,000,000 racked up by the PA while diverting money from the Norwegian Fund where funds for PA was deposited since the start of the war, according to Israel HaYom.
Finance Minister Bezalel Smotrich updated the Diplomatic-Security Cabinet on Sunday about collecting a debt that's been around for over ten years.
The Finance Ministry sent an order to the Norwegian Fund, where Israel had been depositing 275 million shekels each month from Palestinian Authority (PA) funds.
This money from the Norwegian Fund is now being used to cover the PA's old debts to Israel. Half of it will pay companies that supplied fuel to the PA, and the other half will go to Israel's electric company.
Last spring, following Norway's recognition of a Palestinian State, Smotrich stopped sending money to the Norwegian Fund and started holding it aside.
The money Israel was going to give to the PA after the war is now being used to settle the PA's debts to Israel. This process, coordinated with the US, is ensuring full payment of the debt, including all interest.
Last May, Smotrich also decided not to renew a waiver that would have allowed Israeli banks to work with Palestinian banks, pointing to their connections with terror groups.
Smotrich stated he had no intention of renewing this waiver, explaining, "The PA’s financial system is up to its neck in terror," and further emphasized on X, "They back and fund terror."
The Norwegian Fund was set up to transfer money between Israel and the Palestinian Authority without them dealing directly with Palestinian banks. But after Norway's unilateral declaration of a Palestinian State, Smotrich refused to send the funds.
Smotrich concluded, "There’s urgency for an immediate response that will impose a significant cost on the Palestinian Authority for its actions and deter it and other countries."
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Finance Minister Bezalel Smotrich updated the Diplomatic-Security Cabinet on Sunday about collecting a debt that's been around for over ten years.
The Finance Ministry sent an order to the Norwegian Fund, where Israel had been depositing 275 million shekels each month from Palestinian Authority (PA) funds.
This money from the Norwegian Fund is now being used to cover the PA's old debts to Israel. Half of it will pay companies that supplied fuel to the PA, and the other half will go to Israel's electric company.
Last spring, following Norway's recognition of a Palestinian State, Smotrich stopped sending money to the Norwegian Fund and started holding it aside.
The money Israel was going to give to the PA after the war is now being used to settle the PA's debts to Israel. This process, coordinated with the US, is ensuring full payment of the debt, including all interest.
Last May, Smotrich also decided not to renew a waiver that would have allowed Israeli banks to work with Palestinian banks, pointing to their connections with terror groups.
Smotrich stated he had no intention of renewing this waiver, explaining, "The PA’s financial system is up to its neck in terror," and further emphasized on X, "They back and fund terror."
The Norwegian Fund was set up to transfer money between Israel and the Palestinian Authority without them dealing directly with Palestinian banks. But after Norway's unilateral declaration of a Palestinian State, Smotrich refused to send the funds.
Smotrich concluded, "There’s urgency for an immediate response that will impose a significant cost on the Palestinian Authority for its actions and deter it and other countries."
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