The International Finance Corp., a member of the World Bank group, has announced its first investment in Israel. It consists of an investment of $3.5 million to help finance an $18.4 million expansion of Makhteshim Chemical Works Ltd. Makhteshim produces pesticides, essentially for export. It is owned by Koor Industries Ltd, and Koor Chemicals Ltd, one of its wholly owned subsidiaries. Work has already begun on the project at the company’s plant at Beersheba and completion is scheduled for next year, the IFC announced.
In reporting the financing for the project, IFC said that the Industrial Development Bank of Israel, to which the World Bank has made three loans in the past, is lending $2.68 million to Makhteshim. Koor is providing $1.88 million and IFC is providing $1.75 million in loans with options and $1.75 million in equity. The company also expects to receive an Israel government investment grant of $1.33 million. The balance of the project funds will be from cash generation and other sources, IFC said.
JTA has documented Jewish history in real-time for over a century. Keep our journalism strong by joining us in supporting independent, award-winning reporting.
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.
