A total of $12, 300, 000 will be advanced by the Israel Government, the Jewish Agency and the Anglo-Israel Bank, a subsidiary of the Bank Leumi L’Israel, to Rassco, the Israel Cabinet disclosed here today. The sum will be used to strengthen the corporation’s finances in Israel and abroad. It was recommended by a ministerial committee headed by Finance Minister Pinhas Sapir, with the participation of the Jewish Agency chairman, Aryeh L. Pincus.
Committee recommendations included an overhaul of Rassco’s administration, divestment of some subsidiaries, and withdrawal from industrial ventures. Rassco’s main shareholder is the Jewish Agency, but 13, 000 shares are also held by Jews abroad. Its major activities are in development of housing and agricultural settlements.
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