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Histadrut Seeks $20 Million Investment Capital from World Labor

A drive to raise 60 million Israeli pounds ($20 million) in investment capital from friendly labor movements in Europe and the U.S.A. was disclosed last night at a meeting of the Histadrut Executive here.

Secretary General Aharon Becker reported that half the amount – $10 million – was expected to come from the AFL-CIO in the U.S.A. through AMPAL, American-Israel Trading Corp. Of the balance, 250,000 pounds sterling ($700,000) would be in the form of an investment by the British Transport and General Workers Union over a 15-year period in the Histadrut Investment Corporation. A special drive will be made in Israel to raise 1 million Israel pounds, ($330,000) from a quarter of a million workers in Histadrut enterprises in Israel who would invest their savings.