After a long period of intensive negotiations and numerous threats by the Jewish National Fund (JNF) - Keren Kayemeth le-Israel (KKL) to separate from the state by not renewing its covenant the final agreement between Israel and the JNF was signed on Wednesday.
The agreement was signed at the Ministry of Finance by Minister Moshe Kahlon, outgoing JNF chair Effi Stenzler, and JNF CEO Meir Spiegler. Under the terms of the accord, JNF will transfer NIS 1.2 billion to the state in 2016 and an NIS 1 billion shekels in 2017. The total amount NIS 2.2 billion over two years will be used to fund “national and environmental projects in conjunction with the various government ministries” according to the agreement.
The funds will be allocated to the construction of infrastructure to support residential developments, with some NIS 400 million being earmarked for environmental projects.
The accord determined that a joint committee of government ministries and JNF will approve which projects receive funding. The understanding between the state and JNF, which the latter threatened to revoke in the past year, will be extended for two years.
JNF said, “During this period talks will continue between the parties on future agreements.”
Published by Globes [online], Israel business news - www.globes-online.com - on November 19, 2015
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