The Palestine Economic Corporation today celebrated a quarter of a century of its work for Israel with a dinner at Essex House marking its 25th anniversary. Congratulatory messages from President Truman and President Weizmann were read at the dinner.
Robert Szold, chairman of the board of the PEC, told the gathering that the capital, surplus, and reserves of the Palestine Economic Corporation totalled $8,830,000 on October 31, 1950. Through its banking facilities, he said, the Corporation has lent more than $35,000,000. The Palestine Economic Corporation is active in Israel in the fields of housing, banking, chemicals, food processing, textiles, paper, tires, plastics and shipping.
“As the oldest American development corporation in Israel,” Mr. Szold said, “the Palestine Economic Corporation starts on its next quarter century of activity satisfied that Just as we participated in meeting the needs of a pioneer country, so are we adapting our program to the critical demands of the rapidly growing nation.” He emphasized that if the PEC succeeds in selling $5,000,000 in stock in 1951, it will be responsible for a total of $25,000,000 new productive capital for Israel.
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