/ .& VI • We Sell Quality Brand Name Closeouts at "AMAZING" Prices! New Closeouts Arriving Daily. One Time Deals! YOUR BELOW WHOLESALE DEPARTMENT S TORE! Mideast Bank Plans Submitted \_ a /— Jerusalem (JPFS) — The Unit- ed States and Russia deposited plans for the Mideast develop- ment bank with the United Na- tions. The only element preventing the bank's final go-ahead is the appropriation of $52.5 million by the U.S. Congress. While the Senate authorized the transfer of Rinds earlier this month, there has been consider- able opposition to the move by congressman who argue the funding should come out of the existing civilian aid to the Mid- dle East. The decision whether to ap- propriate the first of five annual payments has to be made before Sept. 30, the end of the U.S. fi- nancial year. An international transition team of 10 people will oversee the final preparations for the open- ing of the Cairo-based bank, which will fund major cross-bor- der infrastructure projects in the region. The team, which will be headed by a U.S. appointee, will also include an Israeli, likely to be either a Bank of Israel or a Foreign Ministry representative. Its members have been charged with finding a suitable location and staff recruitment, which are likely to take 12 months to or- ganize. The bank is one of three re- gional organizations, together with the Regional Business Coun- cil and the Middle East Travel and Tourism Agency, being set up following the Casablanca and Amman economic summits held in 1994 and 1995. Funding, if approved by Con- gress, will include 21 percent from the United States, 9 percent from Japan and 6 percent from Russia. The major local partners in the bank — the Palestinian Authority, Jordan, Egypt and Is- rael — each have 4 percent of the bank's $5 billion worth of equi- ty-capital. Of the $5 billion, $1.25 billion is paid-up capital. Hilton Runs Beersheba Hotel Jerusalem (JPFS)— The Hilton Hotel chain signed an agreement with Elad Hotels to run a hotel in downtown Beersheba. The hotel, which will include 262 rooms and suites, will have conference rooms, restaurants, a health club and a pool. Construction began in 1994, and the $36 million hotel is ex- pected to open at the end of the year. It is expected to serve main- ly businessmen pursuing projects in the developing industrial re- gions of the Negev. 6 3® AMAZING AMAZING SPICE ISLANDS® DISNEY'S® Spice Islands grows spices in their own California herb garden to insure freshness and premium quality in every jar. Net wt. 1.6 oz. Create exicting adventures with Quasimodo, Esmeralda and Friends by Colorforms. 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