Friday, October 22, 2004

Louisiana buys $5m worth of Israel Bonds

The Louisiana Department of the Treasury has purchased $5 million in State of Israel bonds (Israel Bonds) 'to diversify investments and develop economic ties between the State of Louisiana and the State of Israel,' according to a Treasury statement from Baton Rouge. This is the first time that Louisiana has bought Israel Bonds.

'This is a win-win situation for Louisiana and Israel,' said Louisiana State Treasurer John Kennedy. 'Israel is the only democracy in the Middle East. It is America's only true friend in the Middle East, and it is one of our staunchest allies.'

Louisiana law enables the State of Louisiana to invest up to 5% of the portfolios of three trust funds in bonds from other countries. The state's $5 million investment in Israel bonds is the first step in this process.