Israel joins club of rich creditor nations

Israel has joined an influential group of rich nations that help poor indebted economies, in the latest boost for Israel’s international economic image.

The Paris Club of creditor nations announced Israel’s induction on June 24, bringing the club’s membership to 20 countries.

The club is an informal group of governments, including the United States, that collectively negotiate deals with poor countries struggling with huge debts. It was created in 1956, and has worked out loan deals for 90 countries. It can cancel or restructure debts when countries are at risk of default.

In a statement, Israeli Finance Minister Yair Lapid lauded his country’s inclusion in the club, saying it “shows Israel’s economic might and presents additional proof that Israel’s place is alongside the strongest countries in the international arena.” — ap