World Bank building entrance 370.
(photo credit: Wikimedia Commons)
Israel and the World Bank on Thursday agreed to develop their first joint
technology fund, which will promote Israeli technology in developing
In meetings with World Bank managing director Sri Mulyani
Indrawati, Economy and Trade Minister Naftali Bennett said Israel would invest
an initial $1 million in the fund. Israel has technological expertise in the
fields of water, agriculture and renewable technologies.
“Israel is like
a lighthouse in a storm,” Bennett said.
“Israel has strong foundations
like a lighthouse, but it shines the light for the whole
Indrawati praised Israel for its technological prowess and said
she wanted to see more Israeli companies participating in World Bank
In September, the World Bank’s private-sector arm, the
International Finance Corporation, made its first two investments in an Israeli
The first, DiViNetworks, reduces the cost of
Internet access through the cloud.
Making the Internet more accessible to
the poor is a growing factor in economic development.
The second, Kaiima
Bio- Agritech, is a seed-and-breeding technology company that multiplies plant
genomes without compromising their integrity.