Get
pected to reach the floor within
the near future.
The United States had origi-
nally agreed to provide more than
$260 million, or 21 percent, of the
bank's start-up capital over five
years. The money was to finance
infrastructure projects in Egypt,
Jordan, Israel or autonomous
Palestinian areas.
Mr. Peres had lobbied strenu-
ously on behalf of the bank, and
by getting Arab countries to en-
dorse the notion, turned around
the Clinton administration to sup-
port the endeavor.
Yet, so far, the Netanyahu gov-
ernment has not prioritized the
bank. While some say the issue
was raised in the Cabinet with a
view by some that it should be
supported, it remains unclear
whether Mr. Netanyahu will now
personally fight for the bank or
only voice pro forma backing.
Republicans in Congress have
been generally more skeptical of
regional development banks and
slashed U.S. support for other
such regional banks for the next
fiscal year.
The Clinton administration still
favors the bank, but so far its view
has not been accepted by any con-
gressional committee.
Pharmaceuticals
In Israel
Jerusalem (JPFS) — An "average
basket" of pharmaceuticals is
cheaper in Israel than in Europe
and in the United States, accord-
ing to a survey conducted by the
Manufacturers Association phar-
maceutical branch. Moshe Manor,
branch chairman, said that the
average basket of drugs in Eng-
land is 19 percent higher than in
Israel, while in Belgium and in
Holland, the cost is 69 percent and
92 percent higher respectively.
Contrary to "myths" about pill-
popping Israelis, Mr. Manor said
that annual per capita use of med-
ications in Israel is among the low-
est in the world. The survey
compared local usage with 18
western European countries and
the United States.
Open your account
before August 15,1996 and earn a
New Account Bonus of
0/0
1..0 0
until October 31,1996.
GUARANTEED MARKET RATE ACCOUNT
• Money Market Fund rates or better—guaranteed
• Convenient ATM access • FDIC insured up to $100,000
• $15,000 balance required
Call or stop by any Old Kent Bank branch office to open an account.
1-800-882-1650
CI OLD KENT
"The APY with bonus was 5.09% as of July 14, 1996. When the balance of this account is S15,000 or more, the interest rate on this account is guaranteed to equal or exceed
) a service of IBC/Donoghue,
the most current rate reported as "IBC'S MONEY FUND REPORT AVERAGES - - First Tier Seven Day Yield" in IBC'S MONEY FUND REPORT;
Inc. On days when the account balance is under $15,000, the annual percentage yield (APY) will be 2.02%. The APY may change after the account is opened.
S15,000 minimum opening balance. Fees could reduce earnings. We may restrict the maximum deposit, retail deposits only. Other restrictions may apply. This offer
MAN
LENDER
available through Old Kent Bank—Metro Detroit branch offices, Lansing and Illinois. Member FDIC. ©Old Kent Bank 1996.
Cr
Complete
Financial
Services
Prices among the
lowest in the world.
Each Israeli uses an average
of $94 worth of medications per
year compared with $284 in the
United States, $245 in France,
$231 in Germany, $226 in Italy,
$205 in Switzerland, $154 in
Canada, $123 in Holland and
$112 in Britain. Only in Ireland
($76) and in Greece ($89) are the
figures lower.
During the past six years, the
Price of drugs has eroded by an
average of 33 percent compared
with the cost-of-living index, Mr.
Manor added.
PaineWebber
We invest in relationships.
Gerald E. Naftaly
Vice President-Investments
32300 Northwestern Hwy., Suite 150
Farmington Hills, MI 48334
(810) 851-1001 or (800) 533-1407
(CLOSET COMPANY)
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