The World Bank stated Wednesday that it transferred $70 million to the Palestinian Authority through the multi-donor mechanism run by the “Palestinian Reform and Development Plan Trust Fund,” the Palestinian News & Info Agency (WAFA) has reported.The World Bank said in a press release that the money, provided by Norway, Australia, Japan, Kuwait and Britain is meant to help the Palestinian Authority budget, including the current reforms in the Palestinian economic system.

The Fund was established on April 10 2008, as part of an agreement signed between the World Bank and the Palestinian Authority.

The Palestinian economy remains devastated due to Israel’s daily violations and restrictions, especially due to the ongoing construction and expansion of illegal colonies in the occupied West Bank and Jerusalem.

While the Gaza Strip remains under Israeli siege, and largely isolated from the rest of the world, in addition to ongoing military assaults and violations against the Palestinians, the West Bank remains chocked by Israel’s illegal colonies and the Annexation Wall in addition to repeated assaults by settlers.

Israel also controls all border terminals in the West Bank, an issue that affects Palestinian trade, including imports and exports, especially since the Palestinian Authority in the West Bank has no control over borders, and natural resources.

Israel’s illegal colonies in the occupied West Bank are largely built on strategic areas of the West Bank, including mountains and fertile grounds, especially in the Jordan Valley that was once considered the “fruit basket of Palestine.”

The Wall is also built in a way that enables further construction and expansion of illegal settlements, while largely denying the Palestinians access to what is left of their orchards and farmlands.

Fanatic Israeli groups are also responsible for uprooting and burning large areas of Palestinian orchards and farmlands, while in many cases flooding them with sewage water, and toxic materials.