Photo Credit: Alex Kolomoisky / POOL
Israeli Prime Minister Benjamin Netanyahu and Minister of Finance Bezalel Smotrich arrive to a cabinet meeting on the state budget at the Prime Minister's Office in Jerusalem on February 23, 2023.

Israeli Finance Minister Bezalel Smotrich announced Sunday that he had formed a team to analyze the effect of the Silicon Valley Bank failure on Israel’s economy, and find solutions for Israeli firms affected by the collapse.


The team, to be headed by Finance Ministry director general Shlomi Heisler, will include representatives from the Finance Ministry, the Bank of Israel, Israel Securities Authority and Israel Innovation Authority.

According to the announcement, the team will obtain data and analyses from local high-tech firms, venture capital companies and financial institutions in both Israel and the United States to determine the potential effect of the collapse on Israel’s economy and, as necessary, “for formulating a response to Israeli companies,” he said.

“We promised to act so that the Israeli economy would be an island of stability and certainty in the turbulent economic waters of the world, and with God’s help we will do so. The State of Israel will support the local high-tech industry and help it overcome the crisis and continue the momentum of development and action,” he continued.

“The collapse of the bank is a significant event for both the US and Israeli economies,” Smotrich added.

Smotrich Arrives in Washington DC
The finance minister landed Sunday in Washington DC for a visit to address the annual conference of Israel Bonds, an organization that has raised more than $50 billion for the State of Israel since its establishment in 1948.

Israel Bonds “symbolizes the indisputable connection between Israel and Diaspora Jewry,” Smotrich said.

He also told reporters he will also be meeting with leading economists, business leaders and heads of American Jewish communities during his three-day trip, which will include a visit to New York, where he will meet with representatives of the Orthodox Union (OU) and the Zionist Organization of America (ZOA).

“In Israel, as in the Diaspora, it is okay to have differences of opinion and arguments between us, but nothing will break our bond,” Smotrich said prior to his departure. “We are stronger together.”


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Hana Levi Julian is a Middle East news analyst with a degree in Mass Communication and Journalism from Southern Connecticut State University. A past columnist with The Jewish Press and senior editor at Arutz 7, Ms. Julian has written for, and other media outlets, in addition to her years working in broadcast journalism.