The cabinet has approved a NIS 100 million plan to strengthen Jerusalem economically. As submitted by Minister of Finance Moshe Kahlon, Minister of Jerusalem Affairs and Heritage Zeev Elkin, and Minister of Tourism Yariv Levin, the plan includes business sector development, encouragement of the tourist industry, and reinforcing Jerusalem's status as an academic city.
The plan will include the following measures:
1. Developing of the business sector in Jerusalem - NIS 70 million will be allocated through the Jerusalem Development Authority for strengthening small and medium-sized businesses. In addition, NIS 5 million will be allocated to a special loan fund for small businesses that will be operated in cooperation with the Jewish Agency, and will provide over NIS 40 million in loans on easy terms for businesses in Jerusalem.
2. Encouragement of the tourist industry in Jerusalem - As part of the plan, NIS 20 million will be allocated for focused marketing of Jerusalem to incoming tourism, strengthening internal tourism, and cultural events in the city for the purpose of bringing additional audiences to Jerusalem.
3. Strengthening Jerusalem's status as an academic city - More than NIS 11 million will be allocated in order to increase the number of students learning in the city.
4. Aid in payments to business owners - the decision cites the guidelines issued by the Israel Tax Authority head for providing substantial breaks by the collection departments, including rescheduling debts and payments and relaxation of enforcement measures.
Published by Globes [online], Israel business news - www.globes-online.com - on November 29, 2015
© Copyright of Globes Publisher Itonut (1983) Ltd. 2015