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May 16, 2019 2:29 pm

Israel’s New Government Considers Setting Up Bank for International Development

avatar by Israel Hayom / JNS.org

Director of the Society for International Development Israel Alon Beer, center right, presents the chief of staff of Israel’s Prime Minister’s Office, Yoav Horowitz, center left, with research on expanding Israel’s international-development activity, May 15, 2019. Photo: Ariel Kahana/Israel Hayom.

JNS.org – Israel’s new government is expected to increase international development activity and plans to establish a government bank dedicated to international development, the Prime Minister’s Office Chief of Staff Yoav Horowitz said on Wednesday at a meeting with the heads of Society for International Development Israel.

At the meeting, society representatives presented Horowitz with the main points of their research on what Israel must do to deepen its international development activity.

“The Israeli government sees advancing international development as very important in helping Israeli companies and civil society organizations operate in developing markets,” said Horowitz. “That will contribute a lot to the Israeli economy, as well as to Israel’s diplomatic efforts and the global effort to develop these countries.”

Addressing practicalities, Horowitz said he thought that the government should establish an Israeli bank for international development, like the ones that exist in other countries. The bank would offer loans to Israeli entrepreneurs and investors who want to work in developing nations.

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Horowitz said “the government wants the business sector to succeed and increase its profits from international activity. … The biggest potential in the world lies with developing nations, and Israel has exactly what they need: knowledge in the fields of health care, agriculture, water [technology] and many other areas.

“We need to push and help the business sector go out and take advantage of the relative advantages we have in these fields. … Success in exporting to developing nations is an engine for major growth. We have a window of opportunity, and we need to take advantage of it.”

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