Stepped up economic development of Israel will promote the establishment of peace in the Middle East. Delegates were told today at the opening session of the three-day International Israel Bond Inaugural Conference here. The Conference is attended by 2,500 Jewish leaders from all parts of the country.
Louis H. Boyar of Los Angeles, chairman of the Board of Governors of the Israel Bond Organization, declared that the attainment of economic stability by Israel would help persuade her Arab neighbors to give up their plans to make war against her and follow her example of peaceful development. Mr. Boyar is serving as chairman with Samuel Rothberg of the Inaugural Conference which is meeting at the Fontainebleu Hotel to launch a world wide campaign for the sale of $115,000,000 in Israel bonds this year for the development of major branches of Israel’s economy.
Dr. Joseph J. Schwartz, vice-president of the Israel Bond Organization, noted that from its inception sixteen years ago through the end of 1966, the Israel bond drive provided a total of $922,000,000 for Israel’s economic development. Of this total, he added, Israel has already repaid more than $400,000,000, most of it to American investors. In 1967, the State of Israel will pay out an additional $24,000,000 for the redemption of bonds as they reach maturity, in addition to other substantial sums that will be paid on bonds prior to the due date.
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