10 episodes

Israel Milken Institute

    • Society & Culture

    • video
    The Israeli Paradox: Accelerating Growth/Overcoming Inequality

    The Israeli Paradox: Accelerating Growth/Overcoming Inequality

    Speakers:

    Abby Cohen, Senior Investment Strategist and President, Global Markets Institute, Goldman Sachs

    Eugene Kandel, Head of the National Economic Council, Israeli Prime Minister's Office

    Aaron Mankovski, Chairman, Israel Advanced Technology Industries (IATI); Managing General Partner, Pitango Venture Capital

    Yair Seroussi, Chairman, Bank Hapoalim
    Moderator:

    Glenn Yago, Senior Director, Israel Center; Senior Research Fellow; and Founder, Financial Innovations Labs, Milken Institute. Israel produced better risk-adjusted returns than all other developed stock markets in the past decade as its technology-driven economy attracted global investors. But growth has been inadequate and unequally shared within Israel, resulting in high levels of income and wealth inequality. The Israeli paradox is that despite strong GDP growth, the growth rate in GDP per capita has lagged. In a country where social cohesion is requisite for survival, this paradox drew focused attention with peaceful protests last summer; government commissions have been attempting to address issues ranging from the price of cottage cheese to corporate pyramids and economic concentration. Policy discussions are now focused on opportunities to bridge these gaps within Israel and attempt to match the fastest-growing emerging economies. The Israeli paradox represents a case study for emerging and frontier markets in how to accelerate growth while expanding economic inclusion and achieving sustainability.

    • 1 hr 1 min
    • video
    Financing Ideas: Reinventing Israel's Capital Markets

    Financing Ideas: Reinventing Israel's Capital Markets

    Introduction By:

    Yuval Steinitz, Minister of International Relations, Intelligence and Strategic Affairs, Israel
    Welcoming Remarks:

    Speakers:

    David Gershon, Chairman and CEO, Superderivatives

    Shmuel Hauser, Chairman, Israel Securities Authority

    Anath Levin, Head, Financial Markets Division, and Member, Board of Management, Bank Hapoalim

    Oded Sarig, Commissioner of Capital Markets, Insurance and Savings, Ministry of Finance, Israel
    Moderator:

    Roger Stein, Managing Director, Research and Academic Relations, Moody's Corporation; Research Affiliate, Massachusetts Institute of Technology. How can Israel advance from startup nation to scale-up nation? Finance could hold the key. The creation and commercialization of disruptive technology is the Israeli economy's hallmark and a core contributor to its growth. However, tech companies face a shortage of both late-stage and public market funding and often find themselves prey to foreign multinationals. Consequently, Israel can claim only a minor position in the global technology value chain. How can Israeli capital markets become an active partner in the launch of new technologies? How can they provide local and foreign investors access to innovation without the companies being forced into premature IPOs or mergers? Our panel will discuss the elements of a new corporate and public finance model for Israel and consider what lessons can be adopted beyond its borders and what it can learn from abroad.

    • 1 hr 5 min
    • video
    Impact Investing in Israel Roundtable

    Impact Investing in Israel Roundtable

    Speakers:

    Lorin Fife, Chairman Emeritus, Jewish Community Foundation of Los Angeles

    Alan Hoffmann, CEO and Director General, Jewish Agency for Israel

    Carl Kaplan, Managing Director, Koret Israel Economic Development Funds

    Yaron Neudorfer, CEO, Social Finance Israel

    Izzy Tapoohi, President and CEO, Israel Bonds
    Moderator:

    Davida Lachman-Messer, Senior Fellow, Milken Institute Israel Center. Israel's economic growth has been inadequate and shared unequally. Social cohesion is a key aspect of Israel's national security, yet charitable giving has fallen off and the new government faces growing deficits with insufficient resources to bridge dangerous social and economic gaps. To face these challenges, Israel needs a novel, flexible and efficient system to channel capital into projects with social and regional impact. In this roundtable, we will explore the use of charitable and government funds leveraged by private capital through matching and structured finance to solve pressing social, community and environmental challenges. The focus will be creating double bottom line returns via social investment funds and intermediaries and social impact bonds.

    • 1 hr 15 min
    • video
    Eco-Innovation for Global Sustainable Growth: The Israel Model

    Eco-Innovation for Global Sustainable Growth: The Israel Model

    Speakers:

    Doron Gal, CEO, Kaiima

    Eugene Kandel, Head of the National Economic Council, Israeli Prime Minister's Office

    Glen Schwaber, Partner, Israel Cleantech Ventures

    Iris Yedidia, Group Leader, Agricultural Microbiology and Biotechnology, Agricultural Research Organization, Israeli Ministry of Agriculture
    Moderator:

    Alma Gadot-Perez, Director General, Milken Institute Israel Center. Eco-innovation is an approach to promoting sustainable growth while overcoming scarcity in fuel, food and water. Touching on policies, processes and products alike, we will present a series of potentially disruptive eco-innovations in energy, industry, agriculture and transportation. In Israel, the Milken Institute has been involved in a series of Financial Innovations Labs and policy developments including an oil-free initiative, natural gas development, a greenhouse gas reduction program, solar energy tariffs, and water and agrotech initiatives - all of which can have international applications. This panel will host a number of technology and policy thought leaders at the forefront of eco-innovation breakthroughs.

    • 1 hr 21 min
    • video
    Israel: The Ingenuity Society as Global Laboratory

    Israel: The Ingenuity Society as Global Laboratory

    Speakers:

    Yosef Abramowitz, President, Arava Power Company; CEO, Energiya Global Capital

    Mark Kahn, Partner, Omnivore Partners

    Andrew Neff, Director, Israel Finance Institute

    Amir Peleg, Founder and CEO, TaKaDu Ltd.; Chairman, SWAN-Smart Water Networks Forum

    Eyal Rosner, Chairman and Director of Administration, Alternative Fuels Initiative, Israeli Prime Minister's Office
    Moderator:

    Eugene Kandel, Head of the National Economic Council, Israeli Prime Minister's Office. The scarcity that Israel once faced in food, water, energy, and health now plagues many countries around the world. Before the century is out, the planet's population will cross the 10-billion mark. How will resources be allocated to sustain humanity without denying billions an acceptable standard of living or ravaging the environment? In each of these core problems, Israel has pioneered breakthrough technologies that lower prices, increase productivity and transform markets. In short, they create abundance from scarcity. Were these innovations to be globalized, they would hold great promise for developing nations in the areas of water management, reforestation, renewable energy and health services, among others. How can sufficient capital be deployed for commercialization? What type of partnerships can diffuse these innovations fast enough to make a difference? This panel will examine the challenges and solutions for a range of applications.

    • 1 hr 1 min
    Financing Kidron/Wadi El Nar River Revitalization

    Financing Kidron/Wadi El Nar River Revitalization

    This report describes the contours of a potential financing plan for sewage infrastructure in the Kidron Valley -- one of the middle east's most culturally, historically, and environmentally pivotal resources for economic development. In 2010, the Kidron Basin Working Group proposed the Kidron Basin Master Plan, and in 2013, it completed the implementation plan for the basin. The proposed plan is a comprehensive, integrated infrastructure and economic / community plan for the redevelopment of the Kidron Basin from the Old City to the Dead Sea -- crossing between Israeli and Palestinian areas. One of the main elements of the master plan, and a precondition for sustainable development, is infrastructure finance to clean up the sewage flowing through the valley.
    This financing plan is based on discussions with stakeholders and leaders throughout the region and on regional market conditions for project financing. Its elements are intended to be market-based, leveraged, and financially feasible and sustainable.

    The proposed financing model suggests the creation of a special purpose vehicle to provide the sewage collection and treatment services on a contract basis with the Israeli and Palestinian water authorities, using a combination of bonds, private and social equity, and subordinated debt through the capital markets, international development loans and guarantees, and philanthropic impact investments. This project financing model is feasible based on the proposed capital structure, terms, and estimated market conditions.

    Further, the new infrastructure will support the growth of tourism-related revenue in the greater Jerusalem region, serving the development of the Israeli and Palestinian communities. New and expanding businesses will produce incremental value-added taxes, real estate taxes, improvement taxes, use fees, and license fees, which broaden the case for feasibility.

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