Following the collapse of the SVB bank in the United States and its possible impact on Israeli high-tech companies, Finance Minister Bezalel Smotrich ordered the establishment of a dedicated team to monitor the issue.
The team, led by the director of the Ministry of Finance, Shlomi Heizler, will be composed of representatives of the Ministry of Finance, the Bank of Israel, the Securities Authority and the Innovation Authority. The team will be in contact with the local high-tech industry, funds and financial institutions in Israel and the US for the purpose of receiving data and analyzing the possible impact on the Israeli economy and, as necessary, for formulating a response to Israeli companies.
Finance Minister Bezalel Smotrich commented: "The collapse of the bank is a significant event for both the American economy and the Israeli economy. 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 stand with the local high-tech industry and help it overcome the crisis and continue the momentum of development and action."