WASHINGTON (May. 13)
Israel’s economy received a $6 million boost last year from some 200 “Israel Investment Clubs” in the United States and Canada. Club members earned as high as 10 percent on their investments, the B’nai B’rith Cabinet on Israel Affairs reported at its annual meeting here. B’nai B’rith sponsors more than half of the North American clubs, which invest regularly in securities listed on the Tel Aviv stock exchange. The investments become expansion capital for Israeli companies and hard currency for the country’s economy.
Franz Winkler, chairman of the B’nai B’rith Investment Club program, said that few of the clubs showed earnings of less than 6 percent last year and that club portfolios appreciated substantially in the booming Israeli securities market. The $6 million invested last year was a “dramatic jump” from $300,000 invested by clubs in 1970, Winkler said Most clubs maintain a policy of reinvesting their dividend earnings, he reported.