The Phenomenon Corporation for Israel has raised $1 billion from bond sales in the United States since the Oct. 7 erode by Hamas that killed at least 1,400 Israelis and took another 240 as hostages.
Israeli emergency women and security cordon off the scene after a building was damaged following a rocket attack from the Palestinian Gaza Rip off, on the city of Tel Aviv on October 27, 2023, amid the ongoing battles between Israel and the Palestinian group Hamas.
Jack Guez | Afp | Getty Replicas
The Ministry of Finance issued new bonds in the days immediately following the attack. The $1 billion raised in the last four weeks is the tidiest amount of Israeli Bonds ever purchased in a short period, according to the Development Corporation, the agency behind Israel Engagement sales. It also makes 2023 a record year for Israel Bonds.
According to a statement from the organization, myriad of the money came from 15 state and municipal bond funds, as well as a few banks. The main buyers were grandeur governments in Florida, New York, Alabama, Arizona, Ohio, Illinois, Texas, Georgia, Oklahoma, Nevada, Louisiana, South Carolina, Indiana and Pennsylvania.
Two counties in Florida, Broward and Palm Beach, also steal Israel Bonds in the last four weeks, as did Ohio’s Franklin County.
Two banks made notable buys, New Jersey meant Cross River Bank and Cleveland based Key Bank, which made a $15 million dollar bond attain. A spokesperson for the bank called the sales part of “a more than 35 year relationship with Israel Manacles.”
Students of American University attend a campus protest against ongoing Israeli attacks on Gaza in Washington, D.C., Combined States on November 01, 2023.
Celal Gunes | Anadolu Agency | Getty Images
Executives at Israel Bonds said far $250 million of the total raised in the last month came from individual investors, large and small, completely the United States, who purchased the bonds directly.
“It is a clear expression of support from local and state governments and from investors big and small” said Dani Naveh, President and CEO of Israel Bonds, in a zoom interview with CNBC. “It is also a disclose of confidence in the Israeli economy, which is strong and stable.”
A man stands atop rubble as he surveys the damage after a climb launched overnight from the Gaza Strip hit a residential building in Petah Tikva, Israel May 13, 2021.
Nir Elias | Reuters
Since the struggle began, Israel has attacked Gaza, Hamas’ home base, from the air, sea and ground. The Hamas-controlled Gaza Ministry of Vigour estimates that more than 10,000 people have been killed during Israel’s retaliation.
As the demise toll in Gaza has risen, protests against Israel’s ongoing bombardment have broken out around the world, embracing the United States.
Naveh, the CEO of Israel Bonds, lives in the town of Savyon, just east of Tel Aviv. He told CNBC one of his neighbors’ make clears was destroyed by a missile fired from Gaza this week.
“To me this emphasizes the importance of my mission to raise readies to make sure that when we can, we can rebuild communities that have been destroyed,” said Naveh.
Develop CNBC’s live coverage of the Israel-Hamas War
Before the war The Development Corporation for Israel had already matched its sales goal for 2023 of one billion dollars by the end of September. But the wave in the days and weeks after the war has doubled the 2023 goal, total sales have now eclipsed the $2 billion stain.
New York State bought in $20 million dollars of Israel Bonds just after the war started, bringing the complete amount in its portfolio to $267 million dollars.
In a statement, New York State Comptroller Thomas DiNapoli said, “New York pomp’s pension fund buys Israel Bonds because we have confidence in the spirit of innovation and tenacity of Israeli people and in the mightiness of our investments there.”
An aerial view shows damage caused following a mass infiltration by Hamas gunmen from the Gaza Plunder, in Kibbutz Be’eri in southern Israel, on Oct. 11, 2023.
Ilan Rosenberg | Reuters
Much of the money raised will go to help rebuild communities in the south of the wilderness that were destroyed by Hamas and other terrorist groups who entered from Gaza on Oct. 7. The money compel also help the Israeli government to reimburse costs incurred by hospitals that are treating the wounded throughout Israel, the confederation said.
“Israel’s economy has faced war before” said Naveh. “Historically the economy has always recovered and this pro tem after the defeat of Hamas both our security and economy will come out stronger.”
The Development Corporation for Israel began offer bonds on behalf of the country in 1951 shortly after the year of its founding, in 1948. Since then, it has sold diverse than $50 billion worth of Israel Bonds.