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Israel Welcomes
Foreign Funds
Jerusalem (JPFS) — Venture
capital funds, exempt from tax in
their home countries, will be al-
lowed to invest on the same terms
in Israel, Finance Minister Dan
Meridor announced.
This measure will only apply
when funds invest in Israeli re-
search and development compa-
nies, added Mr. Meridor.
This is the latest attempt by the
government to encourage foreign
investment, particninrly in R&D
programs. It is hoped the move
will be an incentive for large U.S.
funds to look to Israel as a reliable
place for investments.
A permanent office will be
opened in Israel to process in-
quiries about venture capital, said
Mr. Meridor, during a meeting
with fund, investment house and
real estate managers in New
York, according to his spokesman.
Speaking to a gathering of
young Wall Street employees, Mr.
Meridor reaffirmed his commit-
ment to the Brodet Committee's
recommendations on structural
reforms in the capital markets,
which have been criticized by the
Prime Minister's Office and Bank
of Israel Governor Jacob Frenkel.
Contractors Seek
More Capital
Jerusalem (JPFS) —A delegation
of contractors and builders wants
to explore alternative sources of
capital to back real estate projects
at the October Business Confer-
ence in New York, following local
banks' exhaustion of their lend-
ing ability to the sector.
The delegation, headed by As-
sociation of Contractors and
Builders in Israel president
Mordechai Yona, will include two
advisers — former finance min-
ister Yitzhak Moda'i and
Jerusalem Bank deputy chair-
man David Blumberg. The dele-
gation will attempt to raise capital
for the construction sector, espe-
cially long-term capital.
According to the Bank of Is-
rael's regulations, banks can only
extend more than 20 percent of
their credit portfolio to any one
sector if they set aside provisions
for doubtful debt. It is estimated
that the banks' existing credit
backing to the sector has reached
22% of the banks' total credit port-
folio.
Previously, Supervisor of
Banks Ze'ev Abeles warned the
banks that new limitations will
be imposed if they continue to ex-
ceed the 20 percent limitation.
At the conference, the partici-
pants plan to encourage investors
to invest in the local real estate
field. The delegation is scheduled
to meet with senior representa-
tives of many U.S. firms, as well
as financial institutions that have
expressed interest in investing in
projects. The delegation will also
meet with public companies that
have expressed interest in help-
ing develop land in areas of high
demand.
4•4
Budget Deficit
Up In September
Jerusalem (JPFS) — The budget
deficit grew during September by
an additional $30 million the Fi-
nance Ministry reported on Tues-
day.
While lower than expected,
September's deficit nevertheless
means the government's exces-
sive spending has been veering
further away from its legally al-
lowed limit for 1996, which stands
at 2.5 percent of gross domestic
product.
Including last month's deficit,
this year's excess spending has al-
ready totaled $3 billion, which is
$400 million above its allowed
limit, according to the 2.5%-of-
GDP formula.
Last month, Finance Minister
Dan Meridor said this year's
deficit is likely to hit the $4 billion
mark, which is close to 4% of
GDP.
The ballooning budget deficit
is largely due to the Treasury's
failure to adequately forecast its
internal revenues, meaning the
government's expenditures were
calculated based on unrealistic
balances.
Overall domestic spending
since the beginning of the year, PI
by both the Labor-led government
and its Likud-led successor, has
so far totaled $31 billion, exceed-
ing internal revenues by nearly
$6 billion.
,
Al Italia Buys
Equipment
iso
Jerusalem (JPFS) —Al Italia, the
Italian airline company, has pur-
chased $2.65 million worth of
maintenance
system equipment from Rada
Electronic Industries.
Known as CATS, the system
was originally designed for mili-
tary purposes but has been mod-
ified-to meet the needs of
commercial airlines. Rada, a 10
Nasdaq-traded company, includes
US Air, Olympic and British Air-
ways among its customers.
BDM Fashion
Wins Rights
Jerusalem (JPFS)— BDM Fash-
ion, owned by Pierre Binsard, has
been awarded the exclusive rights
to market Dupont products in Is-
rael.
Dupont, manufactures exclu-
sive accessories for men and
women.