At the request of the government of Israel, a new $15 million issue of Preferred shares in the Israel Bank of Agriculture was placed on sale today by Capital for Israel. Inc. Sam Rothberg, president of CFI, said that the new shares of IBA which pay 7.5% were issued “to provide funds for agricultural development at a time when almost all of Israel’s resources are being used to meet urgent priorities of defense and immigrant absorption.”
The Israel Bank of Agriculture was established in April 1951 by the government of Israel which supplied the original capital for the bank and now owns approximately 93% of its outstanding voting stock. It is the largest agricultural bank in the country and accounts for 60% of all long term and medium term financing of agricultural projects. As of Sept. 30, 1971, outstanding loans of the Israel Bank of Agriculture totalled approximately $104 million and its surplus amounted to $5,930,000. The 7.5% Preference “C” shares of IBA are being offered at $100 and purchasers will be asked to buy a minimum of 10 shares ($1000).
PROCEEDS FROM STOCK SALE AID ISRAEL
Proceeds from the sale of the new issue of stock of the Israel Bank of Agriculture will be utilized to help Israel expand agricultural exports to help improve the country’s balance of trade; increase the production of food for its growing population; and provide jobs for its new immigrants including those from Soviet Russia. Emphasizing the importance of agricultural development in the upbuilding of Israel, Rothberg said:
“From the earliest beginnings of the Jewish State, the development of agriculture or work on the land has been a predominant factor in the realization of its goals as a free nation.” Continuing, he stated: “In the past 20 years agricultural production in Israel grew from $83 million to $615 million and agricultural exports rose from $17 million to $155.2 million. As a result of this growth Israel now produces about 78% of its own food needs.”
A motion deploring the harassment of Jewish scientists in the Soviet Union who have applied for exit visas to go to Israel was introduced today in the House of Commons by Greville Janner. Appended to the motion was a list naming the scientists who have been harassed. Janner asked the Foreign Secretary whether he would make representations to the Soviet government regarding the harassment of Jewish scientists.
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The Archive of the Jewish Telegraphic Agency includes articles published from 1923 to 2008. Archive stories reflect the journalistic standards and practices of the time they were published.
