Episcopal Church deposits $500K in Bank of Palestine

From the Episcopal Church Office of Public Affairs:

As approved by the Episcopal Church Economic Justice Loan Committee (EJLC) of the Executive Council and as part of its economic justice portfolio, The Episcopal Church recently purchased a three-year certificate of deposit for $500,000 in the Bank of Palestine.

This action, approved in late January by EJLC, is in response to several resolutions affirmed by the General Convention, most recently Resolution B019 approved by General Convention in July 2012.

Presiding Bishop Katharine Jefferts Schori said, “I am delighted that The Episcopal Church has now made a positive investment in the Palestinian economy, an action which we have encouraged for some time. This is tangible evidence of our commitment to a healthy economy in the Palestinian territories as a necessary instrument to building a lasting peace.”

The investment is part of the assets which were set aside by Executive Council in November 1989 for socially-responsible fixed-income investments. At year-end 2012, the investments consisted of $3.6 million in deposits at credit unions and similar intermediaries; and $2.1 million in loans to community development intermediaries made through the Economic Justice Community Development Loan Fund.

Read full announcement here.

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