The bank of the West German trade unions and cooperatives plans to invest funds in housing construction in Israel, David Tanne, director of the Labor Ministry’s housing division, revealed here today.
Mr. Tanne, just returned from the United States, where he headed a delegation of Israeli contractors negotiating American investment potentials, reported details of the commitment in principle received by the delegation from a group of American businessmen and contractors.
As a result of that commitment, the Israeli contractors will receive a loan of $2,500,000 for private housing, while the Government will get $9,500,000 for government housing schemes and commercial centers. The American investors will lend the money at nine percent to a special mortgage bank now being formed here, Mr. Tanne said.
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.
