Industry Ministry considering Israel Bonds financing for Israeli R&D

Israel is negotiating with New York State to establish a joint R&D fund.

Sources inform “Globes that senior Ministry Industry, Trade, and Labor officials are considering a State of Israel bonds (Israel Bonds) issue in the US to financing Israeli R&D projects.

Chief Scientist Dr. Eli Opper is negotiating to set up a joint Israel-New York State fund to encourage industrial R&D. Under the proposed agreement, the two sides will each allocate $1.5 million a year for five years.

Opper announced yesterday that he had recently met with parties in New York, including representatives of the New York state pension fund, to reach an agreement in principle on the new fund. Minister of Industry Trade, and Labor Ehud Olmert and New York Governor George Pataki are responsible for the final agreement.

During his visit to New York, Opper met with a high-ranking team from Empire State Development and representatives from the New York State Office of Science, Technology and Academic Research (NYSTAR). The two agencies are responsible for promotion and support of both new and old companies, technology, and development of knowledge-intensive products.

Opper said nanotechnology would be given priority, in order to develop prototypes. The agencies will exchange working papers next month, which will describe in detail the procedures for managing the fund. Minister for Economic Affairs to North America Zohar Peri will accompany the conclusion of the negotiations.

Published by Globes [online] -l www.globes.co.il - on July 2, 2003

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