A record-breaking total of $311 million in cash, the largest figure in its history, with the exception of the Yom Kippur War year of 1973, was produced by the Israel Bond Organization in 1976 to help finance Israel’s economic development program, it was announced today by Michael Arnon, president of the Israel Bond Organization.
The 1976 result exceeded by 12 percent the $277 million realized in 1975 by the organization in the United States, Canada, Western Europe, and other parts of the free world. Since 1951, when the State of Israel floated its first Bond issue in the United States, the Israel Bond Organization has channeled a total of more than $3.5 billion into the Development Budget for the expansion of industry and the development of every other phase of Israel’s economy, Arnon said.
In analyzing last year’s results, he said that “while the Jewish communities have been the backbone of our program, registering a constantly rising degree of intensive activity year after year in the purchase and sale of Israel Bonds, 1976 witnessed an unusual increase in the participation of banks, labor unions and the general business community which helped to put our receipts substantially over the $300 million mark.” Banks and other institutional investors accounted for at least a quarter of the total receipts last year.
“The substantial increase in the involvement of banks and other institutional investors in the Israel Bond program,” Arnon continued, “represents a very significant expression of confidence in Israel’s economic achievements and its potential for continued growth in the future.” He reported that Israel has to date repaid $1.5 billion in the redemption of Israel Bonds.
Declaring that no time must be lost in meeting Israel’s needs this year, Arnon announced that the 1977 campaign would have its first national inaugural meeting in Washington Jan, 9 when top community leaders from the U.S. and Canada will confer with Israel Ambassador Simcha Dinitz. This meeting will be followed by the 1977 Prime Minister’s Israel Bond Conference in Jerusalem Jan. 25 to Feb. 1.
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.
