Treasurer Robert P. Casey, Jr. visiting the Western Wall
Pennsylvania Treasury Department Increases
Investment In Israel Bonds
Nearly $50 million investment supports Israel's economic momentum.
The Pennsylvania Treasury Department recently increased its investment in Israel Bonds to nearly $50 million, according to
State Treasurer Robert P. Casey, Jr.
These funds offset a significant fraction of the $289 million
penalty which the Bush administration imposed on Israel in 2003 as a
sanction for construction of its security fence, and provides
welcome relief to the Israeli economy still suffering from the
effects of the war against Hezbollah.
"One of my goals as State Treasurer is to use the authority of the Treasury Department to help people, in a manner consistent with previous Treasury initiatives," Casey said. "Increasing our investment in Israel Bonds allows Pennsylvania to contribute to a worthwhile international cause, while receiving a positive return on taxpayers' money."
Earlier this month, Treasury purchased $10 million in two-year fixed and four-year floater bonds. This purchase increased Treasury's holding of Israel Bonds to nearly $50 million, the largest ever investment in Israel Bonds by the Treasury Department.
Israel bonds are interest-bearing securities issued by the State of Israel and backed by the full faith and credit of its government. Israel Bonds have earned investment grade ratings from both Moody's Investors Service (A2) and Standard & Poor's (A-).
Purchasing an Israel bond
on the high holy days sends a message of solidarity to Israel.
Readers can purchase Israel Bonds by contacting the Philadelphia
representative at email@example.com
or 800-752-5671. Proceeds from the sale of Israel Bonds provide multiple benefits for Israel, including financing for infrastructure improvements, transportation, agriculture, water resources, energy, and high-tech advances.
Pennsylvania's purchase of Israel Bonds dates back to 1988.