Cabinet approves gas royalties fund

The sovereign fund will invest the proceeds in infrastructures, education, and welfare.

Prime Minister Benjamin Netanyahu asserts that a lot of money will flow into the future fund for gas royalties. He promised that the proceeds would be used for the good of the public. The prime minister was speaking prior to the cabinet's decision to approve the establishment of a sovereign fund which will receive oil and gas revenues.

Netanyahu said, "There have been lengthy discussions on this matter. Although the fruits of the fund will only arrive in a few years, they will come. We're talking about a lot of money for the State of Israel from the offshore gas discoveries."

The sovereign fund will invest the proceeds in infrastructures, education, and welfare. Minister of Environmental Protection Gilad Erdan called on Netanyahu to allocate part of the proceeds to prepare for environmental disasters.

Published by Globes [online], Israel business news - www.globes-online.com - on February 19, 2012

© Copyright of Globes Publisher Itonut (1983) Ltd. 2012

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