Michael Bloomberg Donates $27.8 Million To Reconstruction In Northern Israel

Billionaire Michael Bloomberg, with a net worth of approximately $102 billion according to Forbes, has pledged a generous donation of 100 million shekels (around $27.8 million) to aid in the reconstruction of the northern areas impacted by the recent conflict. Local government leaders estimate that this donation is merely an initial step toward recovery.

James Anderson, a senior executive at the Bloomberg Foundation, addressed a letter to the leaders of the northern municipalities, stating, “We ask to stand by you, the heads of the authorities in the north and the south, and help with the challenges of reconstruction and growth. It is clear to us that the challenges you are facing will require an overall strategic vision, with critical local needs, to bring a comprehensive regional development boom,” he wrote. “In order to succeed in creating a common story together with the residents, a shared destiny is needed, not only in disaster, but also in growth and redevelopment.”

Bloomberg intends to ensure that the funds are used appropriately, and he will not simply donate the money and move on. His philanthropic foundation, one of the wealthiest in the world, has chosen to lead the effort through the Bloomberg Sagol Center for City Leadership at Tel Aviv University. This initiative was established by Bloomberg in 2022 in collaboration with his Israeli partner Yossi Sagol, whose family wealth stems from their successful business ventures, including Keter Plastik.

“The real war of the residents of the entire country and the residents of the north in particular, is the fight for its resurrection and not as a slogan of politicians. This war proved the strength of the citizens and Diaspora Jewry, in places where institutions have failed. Thanks to Michael Bloomberg and other amazing donors who have opened their hearts and pockets, I am convinced that we will not only rehabilitate the North, but lead it to a prosperity that it has never seen,” stated Moshe Davidovich, head of the Meta Asher Regional Council, on Thursday morning.

Efforts to restore the northern municipalities are already underway. The Bloomberg Sagol Center has brought together over 60 specialists with expertise in project management. These experts will be stationed across the 40 municipalities participating in the initiative, working directly with local staff or providing guidance and training to them.

In addition to the substantial financial contribution, Bloomberg is leveraging international knowledge and experience gained through his leadership programs in the U.S. The Bloomberg Foundation’s first international branch, located at Tel Aviv University, was established three years ago in collaboration with Harvard University.

The Bloomberg-Sagol Center annually trains 40 senior municipal leaders from the selected municipalities, with half of the participants being mayors and the other half senior professionals within the municipalities. The program was founded on Bloomberg’s belief that local governments have the greatest potential to improve residents’ quality of life, as these are the institutions where individuals interact with state services on a daily basis.

{Matzav.com}