More than $1, 000, 000 in debentures of the Tourist Industry Development Corp. has been sold to date in the United States, Lawrence G. Laskey, chairman of the board of the American section of the corporation, reported today.
The corporation was established by the Israel Government to make long-term loans for the building and improvement of tourist facilities in Israel. Mr. Laskey said $2, 250, 000 was expected from the sale of the seven percent subordinated debentures which will be due July 1, 1978.
He said that at the annual meeting of the corporation board in Jerusalem, the directors voted to pay–in addition to the government-guaranteed six percent return–the additional one percent from profits to all debenture holders on record as of next June 30. The original debenture provided for payment of the extra one percent only if earnings permitted.
Mr. Laskey also cited a report at the Jerusalem board meeting that loans granted by the corporation to tourist enterprises in Israel helped to stimulate a total investment of nearly $8, 000, 000 in the tourist industry. The total of such loans has reached the sum of 3, 454, 846 pounds to 94 applicants. The Israel Government considers the promotion of tourism so important that it has invested 3, 000, 000 pounds in the common stock of the corporation, Mr. Laskey reported.
JTA has documented Jewish history in real-time for over a century. Keep our journalism strong by joining us in supporting independent, award-winning reporting.
The Archive of the Jewish Telegraphic Agency includes articles published from 1923 to 2008. Archive stories reflect the journalistic standards and practices of the time they were published.
