Chief Financial Officer Jimmy Patronis announced on Tuesday that the Florida Treasury has invested an additional $50 million in Israel bonds, raising Florida’s total investment to $250 million.

Florida Chief Financial Officer Jimmy Patronis announced on Tuesday that the state Treasury has purchased another $50 million in Israel bonds.

The purchase raises Florida’s total investment in Israel bonds to $250 million, the largest total the state has ever held at any given time. Since 2017, the Florida Treasury has generated approximately $9.4 million in interest.

“Florida and Israel already have deep economic and personal ties, but today we are increasing those ties again by purchasing an additional $50 million in Israel bonds by the State Treasury,” said Patronis. “Israel bonds have proven to be of great value to our state’s investment portfolio.”

Israel Bonds, issued by the Development Corporation for Israel, serve as a form of debt securities offered by the State of Israel to raise capital for infrastructure and development projects. The bonds, with various maturities and interest rates, are accessible to investors worldwide with interest payments made to bondholders at regular intervals.

“Investing in Israel is not only the right thing to do, but it has proven as an extremely sound investment throughout the years, and I have no doubt it will continue to do so,” said Israel Bonds Executive Director Mark Ruben. “We’re grateful that Florida recognizes this, especially since it serves as a home to so many Jews and Israeli citizens around the world. In purchasing these bonds, Florida has taken a stand against hate, antisemitism and has demonstrated it is a true friend of the Jewish people.”

In a separate transaction last year, Palm Beach County Clerk of the Circuit Court & Comptroller Joseph Abruzzo directed $25 million of the county’s investment portfolio to be invested in Israel bonds in a show of solidarity with the nation.

In totality, Palm Beach County has allocated $40 million in total toward Israel bonds, as confirmed by the Office of the Clerk of the Circuit Court. Following the $25 million investment, the cumulative expenditure climbed to $65 million. According to county investment documents, the bonds yield a 1.20 percent return and comprise one percent of the county’s investment portfolio.

“Israel is our greatest ally, and they need our full support in the aftermath of this horrific terrorist attack that slaughtered hundreds of innocent civilians – including 11 Americans thus far,” Abruzzo said on Oct. 10. “I am proud to make Palm Beach County the first county in the nation to increase its investment in Israel bonds following their declaration of war against Hamas.”