Israel, World Bank establish their first joint technology fund

WB managing director praises Israel for its tech. prowess, says she wants to see more Israeli participation in projects.

World Bank building entrance 370 (photo credit: Wikimedia Commons)
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 markets.
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 world.”
Indrawati praised Israel for its technological prowess and said she wanted to see more Israeli companies participating in World Bank projects.
In September, the World Bank’s private-sector arm, the International Finance Corporation, made its first two investments in an Israeli technology companies.
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.