Israel Sells
Bonds In U.S.

Jerusalem — The Israeli govern-
ment raised $500 million last
month in a U.S.-backed bond is-
sue.
Salomon Brothers was chosen
as underwriter for the offering
after winning an open tender
over six other investment banks.
Bank Leumi announced it won
a government tender to organize
a syndicate to raise between $100
million and $150 million.

Israeli Firm
Forms Subsidiary

Jerusalem — BEZEQ'S board of
directors has approved the es-
tablishment of a subsidiary,
Bezeq International Ventures
(BIV), to promote international
telecommunications projects.
The new company takes over
from Bezeq's department of in-
ternational relations.
Bezeq was required by the Is-
rael Communications Ministry
to divest itself of operations un-
related to local infrastructure;
BIV is the latest product of this
policy, after the establishment of
Bezek Bit for selling peripheral
equipment.

No Guarantees
For China Deal

Jerusalem — Shoul Eisenberg
has wrought a major break-
through in the way major infra-
structure projects are financed
by gathering a $625 million deal
for a power project in China
without bank guarantees.
Eisenberg's Israeli firm, Unit-
ed Development Inc., joined with
Siemens in signing a deal with a
Chinese consortium for the con-
struction of two 350 megawatt
power units at Rizhao, on the
coast of Shandong province,
southeast of Beijing.
The project had seemed des-
tined for the deep-freeze because
the Chinese government, con-
cerned about the buildup of its
debt, had stopped providing bank
guarantees for most infrastruc-
ture projects.

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Israel Inflation
Up Slightly

Jerusalem — The Israel Con-
sumer Price Index jumped 1.2
percent in August as fruit and
vegetable and other food price
rises were accompanied by high-
er housing costs fueled by a
stronger dollar. OAugust's in-
crease was the highest this year.
Israeli inflation is estimated

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