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June 25, 2014 2:10 pm

Israel Becomes 20th Member of Paris Club of Creditor Nations

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A map showing the member countries of the Paris Club of creditor nations. Although not yet shown, Israel has become the club's 20th member. Photo: Wikimedia Commons.

JNS.orgIsrael has been accepted into the Paris Club of creditor nations, an group of countries that together negotiate deals to help poor indebted countries, on Tuesday. The group also includes the U.S.

The informal 20-member joint country organization was created in 1956 and since then has worked out loan deals for 90 countries.  The group has come to 429 debt agreements totaling about 573 billion euros ($781), according to The Jerusalem Post. In some cases the organization can cancel or restructure country debts rather than allow a government to default.

The announcement that Israel has joined the organization “shows Israel’s economic might and presents additional proof that Israel’s place is alongside the strongest countries,” said Israeli finance minister Yair Lapid, reported The Associated Press.

Israel, which has a booming high-tech industry, was also accepted into the Organization for Economic Cooperation and Development  in 2010.

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