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Peres's 'peace' investment fund folds
Continuing conflict causes technology fund aimed at increased economic cooperation between Israel, PA to come a cropper
The Shalom Investment Fund, founded at the initiative of Vice Prime Minister Shimon Peres to invest in projects in the Palestinian Authority, has discontinued its activity because of the ongoing conflict with the Palestinians, “Yedioth Ahronoth” reports.
The Shalom fund was founded six years ago, before the intifada, to encourage economic cooperation between Israel and the PA.
“The fund was closed because of the security situation, which does not allow it to operate as its founders envisioned,” fund manager Evergreen Partners said in a statement.
The fund, registered in the Cayman Islands, was classified as an international investment fund, with Israeli and foreign entities as partners.
Foreign partners included the World Bank, Royal Philips Electronics, and DaimlerChrysler AG. Israeli partners included Iscar, controlled by industrialist and entrepreneur Stef Wertheimer, Ormat Industries, which is controlled by the Bronicki family, Delta Galil Industries and ZAG Industries.
The PA investment company was also a partner in the fund.
Evergreen had raised USD 65 million for the fund. It had invested USD 20 million to date in enterprises in the PA, including shares of Palestinian communications company PalTel Palestine Telecommunications Co., Ramallah shopping mall, and a Palestinian mortgage bank.
The fund recently sold all its holdings, and decided to return the money to its investors, and liquidate its activity. The fund sold its investments to Palestinian entities.
Reprinted courtesy of Globes, an Israeli financial newspaper and website
