Detailed plans for the 20,000,000-pound ($11,000,000) immigrant-absorption loan were announced here today by Jewish Agency treasurer Dov Joseph, after the new loan plan was given approval by the Agency executive committee.
The goal of 20,000,000 pounds is expected to be reached after an intensive two-month campaign. A public committee of 100, headed by Prime Minister David Ben Gurion, will draw up and issue directives on how to assess wage earners and self-employed people in accordance with their incomes. The plan is that every Israeli earning more than 220 pounds ($121.00) monthly will share in the loan through “voluntary” purchases.
The loan will be repayable in eight years, and the shares will be pegged to the dollar-exchange rate. Instead of receiving interest, shareholders will have the opportunity of winning, twice a year, lottery prizes amounting over a year to four and one-half percent of the 20,000,000 pounds.
All the proceeds from the loan will go to the Jewish Agency, which will use half directly for transportation of new immigrants and the preparation of first reception centers for them. The remaining 50 percent will be transferred to the Ministry of Labor for its immigrant-housing budget.
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