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$2,000,000 Issue Offered to Canadian Investors by Israeli Bank

Canadian investors have been offered $2,000,000 in dollar-linked shares in the Industrial Development Bank of Israel, Dr. Avraham Neaman, managing director of the bank, revealed here today. The offer has been made through the Canadian Israel Development Co., and a first payment of $500,000 has been made. If the total issue is subscribed, a Canadian director will be nominated to the board of the bank.

The $2,000,000 offer is part of a $37,000,000 issue made available by the bank, of which $34,000,000 has already been committed. Dr. Neaman further stated that a contract was signed recently with Automatic Electric Canada Ltd., of Brockville, Ontario, for $2,500,000 for automatic telephone equipment and was made possible by the first credit loan granted Israel by the Canadian Government.