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(ANSAmed) - BRUSSELS, JUNE 9 - The European Union has provided EUR 3.7 million to settle unpaid bills of small and medium sized companies that provide services to the Palestinian Authority. The scheme helps to improve the fiscal position of the government and helps the private sector to operate. This is the third transfer of its kind under the new European mechanism for assistance to the Palestinians, PEGASE, bringing the total amount to over EUR 15 million this year. 94 companies will benefit from the payment, mostly small and medium sized enterprises, both in the West Bank and in Gaza. "The recent Palestine Investment Conference demonstrates that, even in the present economic climate, there is a real untapped potential within the Palestinian private sector," said John Kjaer, the European Commission Representative in Jerusalem. "This arrears payment scheme not only helps the Palestinian authority to balance its books, but it injects some much-needed cash directly into the economy" he added. PEGASE is the main financing mechanism of the European Union, which is the largest donor to the Palestinians. It is open to contributions from donors wishing to channel funds to the Palestinian people in the occupied Palestinian territory. Through a wide-ranging scope of activities PEGASE delivers support to the different components of the Palestinian Reform and Development Plan of the Palestinian Authority: governance, social development, economic and private sector development and public infrastructure.(ANSAmed).