Israel Development Corporation to Invest $9,500,000 This Year

Israel Development Corporation, an affiliate of the Ampal-American Israel Corporation, plans to make investments and loans in Israel enterprises totaling about $9,500,000 during the fiscal year ending November 30, 1966, it was announced here today at the annual IDC meeting.

Abraham Dickenstein, president of the New York Investment Company which channels capital into key Israeli industries noted that net earnings from loans and investments during the six-months ended May 31, this year, were $476,895, or 47 cents a share, compared with $402,626 or 40 cents a share for the same period a year earlier. Dividends totaling $301,342 were paid for the first half of the current fiscal year. Mr. Dickenstein also revealed that assets of IDC today are close to $19,000,000 compared with about $17,000,000 a year ago.

The Ampal-American Israel Corporation, which has thousands of investors across the United States and Canada, will celebrate its 25th anniversary here on October 2nd, it was announced by Mr. Dickenstein. Israel’s Minister of Finance Pinhas Sapir will participate in the celebration, the announcement said.

NEXT STORY