The State of Texas is purchasing $20 million of bonds from Israel to help provide the country with cash amid the ongoing conflict with Hamas, according to the Office of the Comptroller.
Texas Comptroller Glenn Hegar made the announcement on Friday, assuring taxpayers, “The state of Israel is a solid investment.”
“For nearly 30 years, Israel bonds have been a key component of our investment portfolio at the state’s treasury, providing a reliable return for the people of Texas. As a Texas taxpayer, I am proud to support our ally, and as your Comptroller, I am confident this is a prudent financial decision for the state of Texas,” he added in a news release from the Office of the Comptroller.
Israel first began selling bonds in 1951, and Texas began purchasing the bonds more than 40 years later in 1994. Currently, the state owns just under $100 million in held Israel bonds.
Since Hegar took office in 2015, Texas has purchased $140 million in bonds from Israel, according to the release.
Hegar said this purchase will provide liquidity to Israel as it wars with Hamas, adding that “Texas has long had a deep spiritual, political and economic connection to Israel and the Israeli people.”
“They are our friend and ally, and Texas supports their right to defend their people against these cowardly terrorists. We will stand with them and provide them with the financial liquidity needed to respond to the atrocities we’ve all witnessed,” he said.
These bonds, which are set to mature in five years and carry an interest rate of 5.74%, will provide liquidity to Israel that is needed following an unprecedented attack by Hamas on October 7, as previously reported by The Dallas Express.
Since the initial attack, the humanitarian crisis occurring in the region has continued to worsen as more time passes.
More than 1 million people have been displaced in Gaza, and even more people are without resources as Israel has prevented aid from entering the territory.
The United Nations has said that some people have begun drinking from agriculture wells, causing “serious concerns over the spread of waterborne diseases,” as previously reported by The Dallas Express.
The U.S. has reiterated its commitment to supporting Israel during the conflict, adding that keeping civilians safe should be a priority.
“As Israel pursues its legitimate right to defend its people and to try to ensure that this never happens again, it is vitally important that all of us look out for civilians,” said U.S. Secretary of State Antony Blinken on Saturday, per The Dallas Express.