Advs. David Schapiro, Hagit Bavli and Yael Hoefler represented the Jewish Agency in a NIS one billion loan transaction for purposes of financing the construction of about 2,650 housing units in 17 Jewish Agency properties all over Israel. The Jewish Agency will build the apartments, rent them and manage them for 20 years. At the end of the period, the state will have the option to renew the agreement for another 20 years. The project will be financed by the state and various funds, with the loan to be provided by the Harel Insurance Company.