American Jews Fail to Grasp Significance of Changes in Israeli Life, Eliezer Kaplan Says

The Jews of America have not yet grasped the significance of changes which have recently occurred in Israel and In Jewish life outside the Jewish state, Eliezer Kaplan, Israeli Finance Minister, declared here today at a press conference.

Kaplan, who just returned from the United States where he completed arrangements for the first installment of the $100,000,000 American loan to Israel, made this comment in answer to a question concerning the recent controversy within the United Jewish Appeal. He pointed out that as early as 1954 he favored a complete reorganization of the set-up of the U.J.A. He denied that the Israeli Government had intervened in the U.J.A. situation and added that the entire situation would be reviewed at a meeting of the Zionist Actions Committee.

Kaplan revealed that Israel had need for $1,250,000,000 in capital, which must be raised through international loans, state loans, loans from Jewish public bodies and private Investment capital from Jewish and non-Jewish firms. He stated that many private Jewish and non-Jewish corporations were interested in investing in Israel’s [industry, and added that the first $1,000,000 of such capital has already been received in this country.

Turning to the U.S. loan, the Finance Minister announced that sums made available by the loan for Industrial purposes will be allocated to both private and cooperative enterprises. Revealing that the next $25,000,000 installment of the Export-Import Bank loan is expected shortly, he declared that the first $35,000,000 installment which was allocated to agricultural developments will only begin to do the Job needed by Israel’s farm economy this year. Kaplan estimated that at least $90,000,000 would be needed this year for agricultural development.