The European Union (EU) made on Thursday a contribution of approximately 47.7 million euros (about 61.2 million U.S. dollars) to the payment of the December salaries and pensions of Palestinian civil servants and pensioners in the West Bank and the Gaza Strip.

The EU said in a press statement that the contribution is funded by the European Commission with 26.2 million euros (33.5 million dollars), the governments of Spain, 20.0 million euros (25. 6 million dollars), Ireland, 1.0 million euros (1.3 million dollars) and Luxemburg, 0.5 million euros (0.6 million dollars).

"EU's support will continue in 2012 while the Palestinian National Authority (PNA) moves forward its objective of financial sustainability and economic viability," read the statement.

European financial aid support major reform and development programs in key ministries, to help the PNA prepare for statehood in line with the plan put forward by Prime Minister Salam Fayyad in August 2009.

Since February 2008, 1.16 billion euros (1.48 billion dollars) have been disbursed through the PEGASE Direct Financial Support programs.