The Council of the Fund for the Citizens of Israel, also known as the “Wealth Fund”, held its first meeting under the leadership of Finance Minister Bezalel Smotrich on Tuesday. The purpose of the Wealth Fund is to manage and allocate the profits from Israel’s natural resources, such as the profits from Israel’s offshore gas fields, for the benefit of future generations.
The meeting was attended by several high-ranking officials, including the Deputy Governor of the Bank of Israel, Andrew Abir, who represented the Bank of Israel in the Council; the Accountant General of the Ministry of Finance, Yehli Rotenberg; the Chairman of the Investments Committee and public representative in the Council, Yarom Ariab; the Chairman of the Audit Committee and public representative in the Council, Barry Taff; and several other professional officials.
At the conclusion of the meeting, the infrastructure of the fund was established, and key positions were filled, enabling the fund to carry out its activities in the years to come.
Finance Minister Bezalel Smotrich stated, “In its good time, [B’Sha’ah Tova], we completed the establishment of the infrastructure of the Fund for the citizens of Israel. The fund will preserve the profits of our natural resources for future generations.
Its fruits will be invested in education, infrastructure and the development of the Israeli economy for the future of Israel. I thank the members of the public council of the fund, the members of the investment committee, the members of the audit committee and the people of the Bank of Israel.”
