The decision to set up the $12 million techno park was taken during President Pranab Mukherjee's visit.
India and Palestine today signed an agreement for setting up of a techno park in Ramallah with an Indian grant of $12 million.
The decision to set up 'Palestine-India Techno Park' was taken during the visit of President Pranab Mukherjee to that country last October.
India has announced grant of $12 million for setting up the park with payment of $3 million each on half-yearly basis for 2 years and the Palestinian side has made the land available for the project, an External Affairs Ministry release said.
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 benefiting local business, universities and other institutions, it added.
"The assistance is part of government of India's strong commitment to support Palestine cause. The project will help job creation, business and other opportunities for young Palestinians," the ministry said.