Israel will soon begin purchasing foreign bonds from the Bank of England and other international investors to finance its $1.2 billion investment in a new residential tower in Israel, the finance ministry said.
Israel will buy $600 million in bonds from Barclays, and $750 million in bond sales from Bank of America and Goldman Sachs, according to a ministry statement on Sunday.
The first bonds to be purchased will be issued to developers and developers’ suppliers, it said.
The first project will be completed in 2021, with construction to begin in 2022, it added.
The government will also buy bonds from a number of foreign lenders and sell them to the International Monetary Fund, the ministry said in the statement.
The $1-billion project, which is to be known as the Bialystok Towers, is intended to replace a former shopping mall in the heart of Jerusalem’s Old City, which has been closed since last year.
Israel has been building a new tower of residential apartments at the site.
The government hopes the new tower will be the largest residential tower ever built in the country.
Construction on the project is expected to start this year.