Israel Tourist Corporation Starts Sale of $5,000,000 Bonds in U.S.

Completion of the sale of the second issue of debentures in the amount of $2,000,000 for the Tourist Industry Development Corporation for Israel, was announced today by the Tourist Industry Development Corporation, an Israel quasi-govern, eat financial institution.

At the same time, it was announced that TIDC’s third issue for $5,000,000 registered with the Securities and Exchange Commission is in the offering. This issue is a seven per cent debenture due July 1, 1983. The third issue, as well as the second, is being underwritten by American Israel Basic Economy Corporation, an investment banking firm which specializes in the development and underwriting of Israel securities.

The Tourist Industry Development Corporation is the arm of the Israel Government designated to aid the tourist industry of the country with financial support, where necessary. It was established in 1957 by the Government of Israel and has its principal office in Jerusalem.

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