WE_
BOYIriG

Financial Center
A Good Idea

Creating an international fi-
nancial center in Israel is a good
idea, but is in no way essential
to the creation of a Free Export
Processing Zone (FEPZ), a Trea-
sury-appointed panel reported.
The panel, headed by Bank
Mizrahi general manager David
Blumberg, was appointed by Fi-
nance Minister Avrah am
Shohat to resolve a dispute on
foreign financial services be-
tween American businessmen
behind the FEPZ and the Bank
of Israel.
David Yerushalmi, chairman
of the Israel Export Develop-
ment Co., who represents the
businessmen, claimed that for-
eign financial services are es-
sential to the FEPZ's operation.
"Without foreign financial ser-
vices in the zone, there will be
no FEPZ," he said.
The Bank of Israel opposes
those services for fear that they
may undermine its control of
banking activities.
"We have to decide which
type of international financial
center we want and what ser-
vices will be offered," said Boza
Radai, Mr. Shohat's adviser.
"There are 60 such centers
throughout the world worth $5
trillion that we can choose
from," he added.
Mr. Radai said the panel re-
jected the link between the cre-
ation of foreign financial
services and that of the ieEPZ.
According to him, firms locat-
ing in the FEPZ will be able to
avail themselves of such ser-
vices in other countries.

Phone Lines For
South Hungary

Bezek, an Israeli company, and
the Hungarian telecommuni-
cations firm Matav have won a
tender for the development and
operation of a communications
network in Hungary, Bezek an-
nounced.
The total investment will be
$80 million, and the infra-
structure will provide phone
lines to 100,000 subscribers in
three regions in south Hungary.
The two companies will begin
work no later than the end of
this year. The Hungarians have
an option of buying up Bezek's
share 10 years later and contin-
uing the project on its own.
The project will be financed
by capital Bezek will raise with
help from partners it will co-opt
for the deal.
The Hungarian company, for its
part, will participate in the fi-
nancing by building the telecom-
munications infrastructure with
the same financial value as Bezek's
investments in the project. ❑

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