Israel will set up a NIS 160 million (about USD 38 million) private equity fund to help develop the businesses of the country's Arab community over the next decade.
Raanan Dinur, director-general of Prime Minister office, said last week that Israel had finalized plans to set up a NIS 160 million private equity fund to help develop the businesses of the country's Arab community over the next decade. Arabs comprise about 19 percent of the population of Israel.
According to Dinur companies owned by Israeli Arabs will be eligible to apply to the fund for as much as NIS 4 million (USD 952,000), enabling as many as 80 enterprises to receive money over the next 10 years.
The Israeli government will, according to Dinur, solicit bids to operate the fund from various financial institutes and private firms, which must pledge to raise at least NIS 80 million (about USD 19 million) from private investors.
Reprinted with permission of The Israel Export and International Cooperation Institute