Germany and the Palestinian Authority have signed a 100 million euro ($117 million) cooperation agreement that will see German investment in areas under P.A. control.

The donation will finance “sustainable economic development in [Palestine] over the next two years,” according to P.A. Prime Minister Mohammed Shtayyeh.

Germany’s representative to Ramallah Oliver Owcza praised the bilateral relations between his country and the Palestinians, reiterating German support for a negotiated two-state solution to the Israeli-Palestinian conflict.