New Delhi, Oct 31: India and Palestine on Monday signed a memorandum of understanding (MoU) for setting up a Palestine-India Techno 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. Also Read - Coronavirus Creates Havoc: 3 MPs, 6 MLAs And Former President Among COVID's VVIP Victims

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 benefiting local business,Universities and other institutions.” Also Read - 'One of Bharat’s Brightest Ratnas': Amul Pays Tribute to Former President Pranab Mukherjee With a Heartfelt Doodle

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. Also Read - Will Convert One Floor of Our Home Into Museum-cum-library in Pranab Mukherjee's Memory: Abhijit

President of India, during his 2015 visit to Palestine announced five projects with regards to solidarity with Palestinian crisis. These projects includes a Techno Park in Ramallah ($12 million), Palestine Institute of Diplomacy ($4.5 million), and India-Palestine Centre of Excellence in ICT in Gaza ($1 million).