Sharef Launches Israel Bond Organization’s Fall Campaign in U.s.; Goal is $200 Million

Israel’s Finance Minister Zeev Sharef launched the Israel Bond Organization’s fall campaign today in a telephone conference with more than 2,700 Jewish leaders all over the United States. The campaign goal is $200 million to finance Israel’s economic development.

Mr. Sharef, who also holds the portfolio of Minister of Commerce and Industry, urged maximum support for Israel’s economy, which he said was crucial to the nation’s ability to withstand “unrelieved crisis.” He was seconded by Samuel Rothberg, national campaign chairman of the Israel Bond Organization and Dr. Joseph J, Schwartz, its vice-president.

Mr. Sharef said that defense needs required Israel to spend between $2.8 million and $3 million a day while at the same time continuing to invest in economic development and absorb newcomers. He said 35,000 new immigrants are expected this year and 40,000-45,000 in 1970.

From each dollar of taxes paid by citizens of Israel, 80 cents is spent for defense, leaving only 20 cents for all other purposes,” Mr. Sharef said. “Without Israel Bonds, we could not carry on our development program. You are partners in our new roads, housing, telephone system, schools, hospitals, and loans to industries. We must spend $450,000,000 for development in the coming year, and we count on Israel Bonds for at least half that sum. We must improve our foreign exchange position,” he said, “and we need major assistance in this direction from Israel Bonds.”

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