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Friday September 29, 2006

Koret commits $3 million for Israeli postwar recovery

The Israeli Ministry of Finance estimates the war with Hezbollah set the Jewish state back $5 billion.

That’s the bad news. The good news is they don’t have to worry about at least $3 million of that.

The Koret Foundation has announced a $3 million commitment aimed at the rejuvenation of Israel’s economy and infrastructure. That grant comes on the heels of $50,000 sent to NATAL, Israel’s trauma center for victims of terror, almost immediately after the shooting started in July.

“On the eve of the Jewish New Year, it seems especially appropriate to share the blessings of our good fortune and expertise with those hit hard in the Jewish homeland,” said Koret CEO Jeffrey A. Farber on Friday, Sept. 22.

“We hope that others with resources will join us in the effort to rebuild and expand the Israeli economy, particularly in the north.”

Over the next 12 months, Koret’s board will identify and recommend $3 million in allocations to selected organizations in the United States and Israel to aid recovery needs, especially in northern Israel, with a goal of leveraging philanthropic, governmental and private capital for post-war economic reconstruction.

“Especially at this time of crisis, I am gratified that our capital can be put to innovative use to support Israel’s small-business sector — the backbone of any robust, free-market economy,” said Koret President Tad Taube.

“This grant demonstrates Koret’s commitment while allowing the time necessary for a thoughtful assessment and considered response to immediate as well as long-term needs. We hope that others will join us in making major commitments to Israel.”

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