Private venture capital is flowing into Israel. These bonds. sold in 29 countries throughout the world. have provided since 1951 approximately onequarter of the development budget of Israel. and have enabled groundwork to be laid for new industrial enterprises. harbors to be financed. new roads to be constructed. the expansion of communications and power facilities. the exploration and exploitation of natural resources. the establishment of new irrigation systems and the construction of the oil pipeline from Elath to Haifa. In addition. they have helped in the construction of immigrant housing and new schools. This year the original 12year bonds will be redeemed. All future bonds will be redeemed as they come due. and in fact. the financial position of Israel is so strong that annuity bonds as well as capital appreciation bonds are now being sold. all at higher interest rates than originally.
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