Florida Treasury to boost Israel bond investment by $120 million

by | Oct 31, 2023

  • Florida Chief Financial Officer Jimmy Patronis announced on Tuesday that the state is investing an additional $120 million towards Israel bonds.
  • Since 2017, Florida’s Treasury has invested $310 million in Israel bonds, yielding around $6.4 million in interest.
  • Separately, Palm Beach County increased its Israel bond investments by $25 million this month, raising its total allocation to $65 million.

Florida Chief Financial Officer Jimmy Patronis announced on Tuesday that the state Treasury will allocate an additional $120 million toward Israel bonds.

For the state, the forthcoming bond purchase raises Florida’s total investment in Israel bonds to $200 million, the largest total the state has ever held at any given time. Since 2017, the Florida Treasury has invested $310 million overall in the bonds and generated approximately $6.4 million in interest.

“Following the horrific terrorist attacks by Hamas on October 7th, I vowed to assist our allies in Israel both morally and monetarily,” said Patronis. “To that end, I’m proud to announce the purchase of another $120 million in Israel bonds by the Florida State Treasury. Israel bonds are a prudent use of state funds and offer a consistently positive return on investment. As we’ve seen throughout history, Democracy and freedom are fragile, and Florida proudly stands with Israel, the only democratic nation in the Middle East.”

According to a prepared statement issued by the state Department of Financial Services, the Development Corporation for Israel/Israel Bonds and its affiliates have generated more than $49 billion worldwide in financial support for the building and development of every sector of Israel’s economy.

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.

“This is not only a smart and sound investment for the citizens of the State of Florida, but it is an investment that supports the people of Israel as they fight to protect their country from the terrorists of Hamas,” added Israel Bonds Executive Director Mark Ruben.

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

As of the beginning of October, 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 this month, the cumulative expenditure will climb 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.”


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