The Histadrut assistance fund provides El Al with additional assistance of NIS 10 million

The Histadrut provides El Al with additional assistance in the amount of NIS 10 million, through the Histadrut-owned business assistance fund. Avi Edri, the trustee of the Histadrut's a transportation and aviation portfolio, admitted in a conversation with Ynet that this is a rare amount of assistance. He said: "There are factories that turn to aid and we find that they can survive without us - so they do not receive aid, but that is not the case with El Al. If we did not support the company, it would have closed. This is the company that has been hit the hardest."
The decision to help the aviation industry was made by Histadrut chairman Arnon Bar-David, with the current amount joining a NIS 10 million grant that the Histadrut gave to El Al more than a year ago, in the large wave of layoffs in the company that laid off 2,000 workers. Tonight (Sunday) to the stock exchange regarding the aid outline it signed with the state.
El Al will receive $ 37 million from the state for the Omicron damage. The amount consists of three-year loans without interest and payment for future fuel expenses. Under the agreement, the controlling shareholder undertook to inject another $ 30 million, gradually. Up to the current outline, the state has provided $ 240 million in aid to the company.
In addition, El Al is supposed to sell part of its passenger club and raise another $ 100 million, with the Histadrut now transferring NIS 10 million to the company, which are defined as a loan - but without a repayment date or interest. Edri explained that the amount is intended, among other things, to guarantee 200% compensation to the 300 voluntary retirees, which El Al announced about three months ago.
A statement issued this evening by EL AL reads: "After accelerated negotiations, conducted in good faith and in recognition of the strategic importance of EL AL for national security, and following the government's decision regarding assistance to airlines - the aid agreement was signed today in the wake of the crisis."
El Al Chairman Amikam Ben-Zvi said: "I would like to thank the Prime Minister, the Minister of Transport, the Minister of Finance and the Minister of Tourism for their support. Special thanks to the controlling shareholder (Kenny Rosenberg) for standing by the company during one of its difficult hours. "I have so far received a sum of about NIS 800 million. I am convinced that we are facing a new era that will allow El Al to take off again to grow and succeed, which will also lead to prosperity and well-being for the Israeli economy."
El Al CEO Avigal Sorek thanked the Histadrut: "Special thanks to Arnon Bar-David, chairman of the new Histadrut, for helping and caring for the workers and securing their livelihood."