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The U.S. will invest an un-
precedented $25 million for
Palestinian housing in the ter-
ritories, under an agreement
signed last Thursday between
American and Palestinian rep-
resentatives in eastern
Jerusalem.
U.S. Consul-General Edward
Abington promised that the
funding marked a "first step" in
a new American aid policy
aimed at boosting Palestinian
development in the adminis-
tered territories.
Test Thursday's "Memoran-
dum of Understanding" calls for
initial U.S. funding of a 192-unit
apartment project in Jabalya
for low-income families. Addi-
tional funds, to be allocated lat-
er, will go toward home
improvement loans and neigh-
borhood renewal projects in Ja-
balya and Nusseirat.
The overall $25 million pack-
age also includes funds for
"technical assistance" to "help
Palestinian authorities develop,
a housing strategy," the mem-
orandum stated.
Cabinet OKs
Airline Policy
The Israeli cabinet unani-
mously approved Transport
Minister Yisrael Kessar's pro-
posals on passenger aviation
policy, which will increase com-
petition among airlines and
probably result in lower fares.
The new regulations, to go
into effect March 1, are based
on the recommendations of the
Sharon Committee, appointed
by Mr. Kessar to evaluate Is-
rael's aviation policy.
Instead of requiring that El
Al have half of the scheduled
airline seats between any des-
tination and Israel, it would per-
mit foreign airlines to have up
to 60 percent of the seats.
Mr. Kessar said that as a re-
sult of the new policy, El Al
would have to become much
more efficient in order to com-
pete with the many airlines that
want to fly to Israel.
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Sprint Establishes
Subsidiary
U.S. telecommunications giant
Sprint announced it will estab-
lish a new subsidiary in Israel.
The new subsidiary, to be
called Sprint Israel, will cen-
tralize the company's current
operations - including interna-
tional telephone and telecom-
munication equipment sales.
Sprint Israel will also be re-
sponsible for marketing the par-
ent company's other services -
including the introduction of
voice and travel card, interna-
tional private lines and toll free
services. Sprint Israel will also
serve as the company's base of
operations for the second cellu-
lar telephone network.
Sprint has had an Israel
presence since the early 1980s,
and has done about $10 million
in business there, according to
Sprint International general
manager for the Middle East
and Africa Harry Welch.
"Israel has only five million
people, but it's in the top 15 in
the world of telecommunica-
tions users," Mr. Welch said.
Shohat Supports
Stock Market
Finance Minister Avraham -
Shohat gave his agreement in
principle to establish a second
stock exchange at a recent
meeting of the Knesset finance
committee's sub-committee on
capital markets.
Sub-committee chairman
Silvan Shalom said the move is
necessary to increase market
competition and added that an
over-the-counter stock exchange
is preferred.
Securities Authority chair-
man Aryeh Mintkevitch said
there is room in the capital mar-
ket for the establishment of a
second stock exchange. Mr.
Mintkevitch said he will advise
Mr. Shohat to change the law
so that both the existing stock
exchange and the future one
will be able to operate with the
aim of making a profit.
Moshe Cohen, who initiated
the idea of establishing a sec-
ond exchange, emphasized that
the economy will benefit from
the establishment of an over-
the-counter market.
About 1,000 high-tech corn-
panies are unable to register
their shares on the Tel Aviv
Stock Exchange because of its
stringent regulations, Mr. Co-
hen said.
Israel, Canada
Seeking Business
Ontario Chamber of Commerce
President Pat Palmer told Fed-
eration of Israeli Chambers of
Commerce President Danny
Gillerman last week that one of
the largest Canadian wood ex-
porting companies is interest-
ed in setting up a distribution
center for the Middle East in Is-
rael.
The two also agreed to set up
a direct contact between the two
chambers to exchange infor-
mation on business opportuni-
ties. Palmer promised to help
promote the signing of a free-
trade agreement between Israel
and Canada.