Israeli Finance Ministry Director-General Doron Cohen and U.S. Treasury Secretary Timothy Geithner signed a Memorandum of Understanding earlier today, outlining a framework for the recently extended U.S.-Israel Loan Guarantee program. The signing ceremony today was part of the meetings of the U.S.-Israel Joint Economic Development Group (JEDG), the primary forum for economic dialogue between the two countries.
"Israel appreciates the longstanding extraordinary support of the United Stares and the relationship between two countries that have so much in common," Cohen said. "The JEDG and Loan Guarantees program have contributed to the security and stability of the Israeli economy, and the JEDG will continue to enhance the relationship between our countries."
Ambassador Michael Oren and Eli Groner, minister of economic affairs to the United States, joined Director-General Cohen in representing the Israeli delegation. Representing the United States government were Under Secretary Lael Brainard and Ambassador Dan Shapiro.
"The loan guarantees have contributed substantially to Israel's vitality and strength," Ambassador Oren said. "They are the embodiment of the multi-faceted and deep alliance between the United States and Israel, and send an unequivocal message to the world of the robust bonds between our two countries."
The current loan guarantee program has been extended to 2015, and will provide Israel access to $3.8 billion in future loan guarantees.
"This is about more than reduced costs of capital or the extension of an existing program," Groner said. "This is about our two countries beginning the next phase of the exceptionally successful loan guarantees program."