|Israel Resource Review
||18th April, 2005
Peres's Peace Technology Fund
[The question remains: What is the personal financial stake of
Mr. Shimon Peres in the Peace Technology Fund remains the
question to be determined -db]
The Yediot Ahronot Hebrew daily reports that the Peace
Technology investment fund, founded to invest in projects in the
Palestinian Authority (PA) has discontinued its activity. The
Shalom fund was founded six years ago, before the intifada, at
the initiative of Vice Premier Shimon Peres. The fund's goal was
to encourage economic cooperation between Israel and the PA.
Registered in the Cayman Islands, the fund is classified as an
international investment fund. Israeli and foreign entities were
partners in the fund. The foreign partners included the World
Bank, Royal Philips Electronics (NYSE:PHG; AEX: PHI), and
DaimlerChrysler AG (NYSE, XETRA: DCX). Israeli partners included
Iscar (controlled by Stef Wertheimer), Ormat Industries
(TASE:ORMT) (Bronicki family), Delta Galil Industries (Nasdaq:
DELT; TASE: DELT)(Dov Lautman), and ZAG Industries (Zvi Yemini).
The PA investment company was also a partner in the fund.
The Evergreen Partners investment company, controlled by chairman Jacob
Burak, managed the fund, and raised $65 million for it. The fund has
invested $20 million to date in enterprises in the PA, including shares of
Palestinian communications company PalTel Palestine Telecommunications Co. -Itisalat (PSE: PALTEL) (the Palestinian equivalent of Bezeq (TASE: BZEQ], the Ramallah shopping mall, and a Palestinian mortgage bank.
The Peace Technology fund recently sold all its holdings, and decided to return the money to its investors, and liquidate its activity. The fund sold its investments to Palestinian entities.
Evergreen Partners said in response, "The fund was closed because of the
security situation, which does not allow it to operate as its founders
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