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(IsraelNN.com) Dozens of kibbutzim (Jewish work and living cooperatives) will use proceeds from the sale of their shares in Tnuva Food Industries to Apax Partners in order to pay back start-up loans they received years ago from the Jewish Agency, according to Globes online business magazine. The 45 collective communities have a combined debt of NIS 280 million, and are located in the Galilee and Arava regions, including Eilot, Ein Gedi, Moran and Sde Boker.
According to an agreement between the Jewish Agency and the kibbutzim, the Jewish Agency will turn a large portion of the debt into grants in exchange for a one-time settlement of NIS 140 million, NIS 110 million to be paid immediately upon closure of the Tnuva sale.
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