The American Palestine Trading Corporation, “Ampal,” today announced that it has received permission from the Securities Exchange Commission to place on sale $10,000,000 worth of bonds in this country to be used for granting long term loans in Israel for developmental purposes.
The bonds will be redeemed within ten years and will draw three percent interest annually. The sum of $5,000,000 raised through the sale of these bonds will be allocated to aid the financing of building projects in various parts of Israel, with a view to establishing dwellings for newly arrived Jewish immigrants. The remaining $5,000,000 will be granted as loans for irrigation projects, agricultural and industrial enterprises, and for the purchase of material needed by the Israeli Army.
“Ampal” is the central purchasing agency in the United States for equipment and goods needed in Israel by economic institutions and the Army. It has sold, during the last few years, about $3,000,000 worth of its shares to approximately 10,000 shareholders in this country and in Mexico.
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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.
