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Israel Asks
For Increase
The Israel government asked the
United States to increase by $300
million the amount of loan guar-
antee funds that can be spent in
the budget.
If the U.S. approves the re-
quest, Israel will be able to spend
$900 million on budget activities.
Committee
OKs Zones
A special Knesset committee ap-
proved a bill to create Free Ex-
port Processing Zones (FEPZs)
in a move the Israeli government
hopes will dramatically improve
the country's balance of trade and
employment situation.
The bill creates special zones
in which businesses will enjoy a
number of concessions, including
exemptions from taxes and cer-
tain labor laws, and the stream-
lining of bureaucratic procedures.
According to committee chair-
man Gedalya Gal (Labor), the bill
will be brought to the plenum soon
for its second and third readings.
The bill creates a council of six
government representatives, who
will choose a franchisee to run
each zone for a period of 49 years.
This franchisee will provide all its
zone's infrastructure, including
electricity and telephone services,
though the government will pro-
vide infrastructure up to the bor-
ders of the zone.
The franchisee also will be re-
sponsible for bringing business-
es to the zone.
Production
Slows in April
Even though industrial activity in
Israel slowed down in April be-
cause of the closure of the territo-
ries, industrialists expect business
will pick up in the coming months,
according to the monthly Manu-
facturers Association's business ex-
pectations survey.
Some 39 percent of the plants
reported production increases in
April, while 36 percent experi-
enced declines. By contrast, 54
percent of the factories reported
production rises in January's sur-
vey.
Indigo Offers
5 Million Shares
Indigo NV of Israel has an-
nounced it will raise $100 million
in a public offering of five million
shares at $20 apiece on the NAS-
DAQ in New York. The consor-
tium underwriting the offering
includes Lehman Brothers, Don-
aldson, Lufkin and Jenrette and
Smith Barney Shearson.
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