Israel’s Finance Minister Comes to U.S. to Plan 1959 Bond Campaign

Finance Minister Levi Eshkol of Israel will come to the United States this week to confer with Israel Bond leaders on plans for the 1959 Israel bond drive, it was announced today by Dr. Joseph J. Schwartz, vice president of the Israel Bond Organization. Mr. Eshkol will report on Israel’s financial needs for economic development at an extraordinary three-day meeting of the Board of Governors and community leadership of the Israel bond campaign, which will take place at the Waldorf-Astoria Hotel this week-end.

The year 1958 witnessed a substantial strengthening of Israel’s economic structure, as its total population passed the 2,000,000 mark, it was reported Saturday by Dr. Schwartz. Israel has made significant basic strides in consolidating her economic position, despite the strains and tensions created by continuing unrest in the Middle East, Dr. Schwartz said.

To a great extent, it has been American investment resources made available through the purchase of Israel bonds which have enabled Israel to make gains in practically every phase of her economy during the past year, he pointed out More than one-third of the money spent under Israel’s Development Budget, which provides funds for the country’s economic projects, is derived from Israel bonds.

Dr. Schwartz stated that “Israel’s decision to float a third bond issue this year was based,. in large measure, on the successful record achieved by the Israel bond drive, which, since May, 1951, has mobilized over $360,000,000 in cash to strengthen every phase of Israel’s economy, and to provide employment and permanent homes for her immigrants.” He stressed the fact that the results of the 1959 campaign will have a telling effect on the pace of Israel’s future economic progress.