NEW YORK (Sep. 24)
Israel’s Finance Minister Levi Eshkol today conferred here with a group of 300 American investment bankers. He told them that since the devaluation of Israel’s currency last February, there was a better chance for the foreign investor to participate in Israel’s growing economy by investing in such diversified portfolios as the First American Israel Mutual Fund.
Mr. Eshkol also signed here today on behalf of the Israel Government an agreement with the First American Israel Mutual Fund, enabling the Fund to purchase securities of various Israeli economic enterprises now held by the Government.
The agreement also approved the sale of Mutual Fund shares in this country for cash or in exchange for State of Israel Bonds. The Fund has already filed a registration statement with the U.S. Securities and Exchange Commission for a $27,500,000 issue of its shares which will be offered to the American public through an investment banking group.
The Fund, shares of which will be offered at $10 each, has as its principal objective the acquiring of a portfolio of securities affording long-term capital growth possibilities primarily through investment in securities of Israeli companies.