A special transfer agreement has been concluded between the German Government and the German Zionist Federation, by which German Jews will be enabled to advance 2,500,000 marks for Jewish upbuilding work in Palestine, it was learned today.
The agreement culminated negotiations between the Reichsbank and Eliezer Kaplan, treasurer of the Jerusalem executive of the Jewish Agency for Palestine.
The pact permits Jews residing in Germany to advance their capital to the Jewish Colonization Agency in Palestine, which is operating under the Zionist Executive for the special purpose of extending Jewish public works and intensifying colonization activities, and receive in return bonds redeemable in 25 years.
The capital thus advanced, the agreement provides, must be spent in Germany for material that the agency needs in its various projects.
The arrangement will operate as part of the general transfer agreement between Germany and Palestine, by which German Jews are enabled to transfer part of their capital in the form of goods when emigrating to the Holy Land.
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