Sales of State of Israel Bonds, which have helped in building Israel’s infrastructure and other aspects of its economy since the inception of the Bond campaign in 1951, passed the $8 billion figure in cash Monday, it was announced by David Hermelin of Detroit, international campaign chairman of the Bond Organization.
Of the $8 billion in Israel government securities sold to individuals and institutions during the past 35 years, an estimated $4.5 billion has been repaid by the government of Israel to holders of Israel Bonds as they matured.
In his announcement, Hermelin declared: “We believe that our $8 billion sales milestone is one of the most remarkable people-to-people achievements in the annals of efforts in support for Israel. This historic accomplishment represents the highest and most tangible expression of the ties which unite Jewish communities abroad with the State of Israel.”
He continued, “It also represents the confidence of the general community, which includes tens of thousands of banks, pension funds and employee benefit plans which invested in Israel Bonds.”
Willard Butcher, chairman of the Board of Chase Manhattan Bank, commended the Israel Bond Organization for achieving $8 billion in world-wide sales since the start of the campaign in 1951, when Chase became the fiscal agent for State of Israel Bonds.
The Israel Bond campaign was launched by Israel’s first Prime Minister, David Ben Gurion, and a group of American Jewish leaders at a time when the newly-established state was struggling for its survival. It later expanded into Canada and countries in Western Europe and Latin America.
MAJOR ECONOMIC ADVANCES
Major economic advances made in the past with the help of Israel Bond funds have included harbor expansion; oil pipeline and terminal construction; development of telecommunications systems; the national water carrier; as well as roads and highways.
Other projects helped by Bond proceeds included the establishment of development towns and science-based industries.
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