Israel Active

The Bank of Israel is to provide Israel’s commercial banks with up to NIS 10 billion for two years so they can grant loans to war-affected small businesses at lower interest rates. It will help them deal with the economic hardship arising from the war, until they return to full operations.

At the start of the war, the value of the Israel shekel fell by around 10% with over 4 shekels to the US$. It has since recovered nearly all its value.

Israel has signed a letter of commitment for the sale of an Arrow 3 long-range anti-ballistic missile system to Germany for $3.5 billion, the largest single security sale by Israel to date.  Germany will initially transfer 600 million Euros to Israel for production to begin.

Global corporations providing material support to Israel include Walmart ($1 million to Magen David Adom); McDonald’s (100,000 free meals to the IDF, residents, and hospitals); SAP (cash to employees, 250k Euros to MDA & others, agricultural produce from farmers to evacuees & IDF).

A new Venture Capital fund “1948 Ventures” has just been launched.  It will invest in early-stage Israeli-founded companies that develop technologies for civilian use in a war environment. Areas include supply chain, communications, medical devices, and tech to help track and trace missing persons.

Some 2,500 Israelis have applied to replace the thousands of foreign workers, Gaza Arabs, and drafted IDF reserves, who are unavailable to work in the agriculture industry. They are being recruited by Israeli NGO HaShomer HaChadash (see previously) which is protecting Israel from food shortages.

The US Department of Homeland Security (DHS) and and the Transportation Security Administration (TSA) is to evaluate the security technology from Israel’s SeeTrue (see previously) for passenger screening at government laboratories and US airports.

Israel’s REE Automotive has received US Environmental Protection Agency (EPA) certification for its P7 range of electric trucks. It will help REE’s goal to deliver its unique fully by-wire electric vehicles by the end of 2023.

More upbeat sentiments by OurCrowd CEO Jon Medved on the resilience of the Startup Nation in this interview on Sky News Australia.

The Peruvian Institute of Mining Engineers has given its Successful Innovation Award to Israel’s ASTERRA (see previously) for its EarthWorks for Mining system.