NEW YORK (Jul. 27)
New American investments in Israel are revealed in a report published here today by the Economic Department of the American section of the Jewish Agency. Among the new investments announced are a $1,500,000 housing development and a $500,000 investment in Israel’s primary building industries.
The housing project, which will be located near Tel Aviv, calls for the establishment of a new settlement with 300 houses and auxiliary farm units by the Kiriat-Bialystok Foundation in New York, a non-profit organization. Through this contribution towards the absorption of immigrants into Israel the Foundation is honoring the memory of Nazi victims of the town of Bialystok in Poland.
The investment in primary building materials is sponsored by a group of businessmen and community leaders from Detroit. The first part of their investment will be the establishment of a modern stone crushing plant, the site to be decided upon after further consultation with the Israel Government.