World Bank representative Miram Sherman signed an agreement with Palestinian Authority Prime Minister Salam Fayyad on Thursday to deliver a $40 million grant to the PA.

Fayyad said the grant was aimed at enabling the PA to continue building state institutions and developing the infrastructure for a Palestinian state.

During the signing ceremony at Fayyad's Ramallah office, the prime minister thanked the World Bank for empowering the Palestinian state to meet the needs of Palestinians, particularly as the PA worked to complete its state-building initiative.