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January 21, 1994 - Image 108

Resource type:
Text
Publication:
The Detroit Jewish News, 1994-01-21

Disclaimer: Computer generated plain text may have errors. Read more about this.

4

News

4

A

4

Announcing

A

AGrand Celebration

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for Doll Lovers

0

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4

0

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Step into the World of

Beautiful Dolls
10-30%

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• Let's Play Dolls

• Royal
• Heidi Ott
• Gotz
• Corolle
• Ginny
• Dolls by Jeri
• Pauline
• Effanbee
• Robin Woods

of the

Taste 2,0°/o OFF

A

SALE ENDS
SAT., JAN. 29!

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108

354-5959

Meir Rosenne Returns
To Life In Israel

New York (JTA) — After
raising more than $1 billion
for Israel for the third year
in a row, it shouldn't be a
surprise that represent-
atives of foreign govern-
ments have asked Meir
Rosenne for advice.
Mr. Rosenne, is who retur-
ning to Israel this month
after five years as chief ex-
ecutive officer of State of
Israel Bonds, said the presi-
dent of the Ukraine wanted
help in setting up an effort to
raise capital from the
Ukrainian diaspora.
Other approaches have
come from Hungary and
Poland, Mr. Rosenne said in
an interview.
In 1993, Israel Bonds sold
$1.068 billion worth of
bonds, half in the United
States and another 10 per-
cent in Canada. This corn-
pares with $753 million in
1989, the first year Mr.
Rosenne, a former ambas-
sador to Washington, held
the post.
In the past five years, Mr.
Rosenne has kept the organ-
ization's expenses to $41
million, in part by closing 15
offices in the United States
and laying off more than 200
people around the world.
Mr. Rosenne attributed
sales growth to the desire of
world Jewry to help Israel
finance the needs of the half-
million Jews from the
former Soviet Union who
have already arrived in
Israel, and the hundreds of
thousands more who are ex-
pected to come.
Under his direction, Israel
Bonds issued new notes that
appealed to American in-
vestors because of their
relatively high rates at a
time when general interest
rates were plunging to
lowest level in decades.
One consequence was that
some in Jerusalem began to
ask about the value of the
bonds and their cost, par-
ticularly as American loan
guarantees made available
up to $10 billion in low- cost
capital.
Mr. Rosenne retorted that
as helpful as the loan guar-
antees are, there is a polit-
ical risk to them.
He noted that the United
States has indicated that it
will withhold more than
$437 million from the $2
billion in guarantees
scheduled for this year, to
reflect Israeli spending in

Meir Rosenne:
Appeals from many countries.

the administered territories.
Still, the Israeli Finance
Ministry, which determines
what bonds are available for
the organization to sell, was
not willing to pay too high a
price to break 1992's record
sales of $1.167 billion. This
year the bonds organization
was asked to sell only $1
billion worth.
Mr. Rosenne also noted
that the 2,500 fund-raising
functions the bonds organ-
ization sponsors each year in
26 countries serve a purpose
in their own right, bringing
Jews together "to hear
reports about what is going
on in Israel."
This side of the bonds was
highlighted in a recent
Knesset debate, when it was
discovered that Knesset
Member Gideon Patt had not
been seen in the country for
six weeks. It turned out that
he had been speaking first
for the Jewish National
Fund in Australia, and later
for Israel Bonds.
"These trips by Knesset
members are not vacation
tours, not at all," said Mr.
Rosenne. "They work quite
hard."
He said some Knesset
members refuse to speak,
complaining that they "have
absolutely no time to visit
the museum or do anything
else."
Speakers for Israel Bonds
receive airfare and hotel ac-
commodations, but not fees.
In the United States, said
Rosenne, government offi-
cials and other prominent
speakers can easily earn
$50,000 for one speech. ❑

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