Tag: Raquel Benzacar Savatti

A way to support Israel

Raquel Benzacar Savatti, chief executive officer of Israel Bonds Canada. (photo from Israel Bonds Canada)

The phones at Israel Bonds Canada have been ringing off the hook since Oct. 7, according to Raquel Benzacar Savatti, chief executive officer of the organization that sells bonds for the Israeli Ministry of Finance in this country.

Canada has always shined in terms of its large base of retail purchasers of Israel Bonds, Savatti told the Independent earlier this month. That base has grown substantially.

“Jews to Israel are like firefighters to a burning building. When that building is on fire, they run towards it. When Israel is in trouble, Jews in the diaspora run towards it,” Savatti said. 

Israel Bonds can be purchased online and Savatti noticed that many new accounts were opened in October.

“The volume was incredible – people I have not heard from in years, people I have never heard from before, young people. We always asked, how are we going to capture the next generation? This was it,” she said. “People understand it’s a very direct way to show their support of Israel.”

Savatti stressed that Israel Bonds is looking to engage as much as it can with the community in Vancouver and beyond. She praised the work of Ross Sadoff, executive director of the organization for British Columbia, noting that a lot of people in the province reinvested after their bonds reached maturity in recent months.

“We have to be together in our support of Israel and for each other. We have to have hope…. Israel has historically proven that after any conflict it has come out stronger and more innovative. I firmly believe we are going to see more of that when this is over,” she said. 

Savatti underscored that the war has caused economic devastation in Israel, yet the country still has to operate and, ultimately, rebuild. The majority of Israel’s budget comes from taxpayers and there are a lot of people not working right now. Concurrently, there are challenges with sustaining the farming sector, the shuttering of businesses, the need to house evacuees and missing tourism dollars as a result of the war.

More than $50 billion has been invested through Israel Bonds by people from all over the world since its inception in 1951, creating a direct connection with Israel for many in the diaspora. In 2023, Israel Bonds had set a global goal of $1.5 billion US – by the end of the year, the amount exceeded $2.7 billion US, the bulk of which arrived after Oct.7. In Canada, more than $130 million US was sold last year and the goal for 2024 is $120 million US, though needs could change.

“I am so proud of us as a country,” Savatti said. “We punch so high above our weight given the size of our Jewish community. Per capita, we do better than any other country.”

The bonds are loans to the state of Israel to be used as it sees fit. When a particular bond – there are several to choose from – reaches maturity, the loan is repaid with interest. In the 73-year history of Israel Bonds, the country has never defaulted on the payment of the principal or interest of its debt.

In February 2021, with Savatti as CEO, Israel Bonds (officially Canada-Israel Securities) became a registered broker-dealer.

“This decision to become regulated came under the behest of the government of Israel,” Savatti said. As such, anyone who sells Israel Bonds must take the Canadian Securities Course, which would allow them to serve in an advisory capacity regarding investments as well.

“Whatever investments are being made by the purchaser, we, as the bonds organization, want to make sure they are suitable,” Savatti said. “We are not advising on a full portfolio, only on how Israel Bonds could work in that portfolio.”

For example, a person can invest in a given Israel Bond as part of a Registered Retirement Savings Plan, a Registered Education Savings Plan, a Tax-Free Savings Account and even a First Home Savings Account, depending on the goals of their portfolio. A person can select a variety of bonds with different dates of maturity.

“They really suit everybody and still make very good bar and bat mitzvah gifts,” Savatti said.

Of the types of bonds on offer, there is, for example, the eMazel Savings Bond, which is only available online; it starts at $36, with a maturity of five years. The Jubilee and Maccabee Bonds last as long as 15 years, with a $25,000 Cdn and $5,000 Cdn minimum, respectively.

Savatti has been connected with Israel Bonds since 2001. Before becoming CEO in 2016, she was the director of women’s and synagogue positions, divisional director, human resources manager, and chief customer officer. She was also the executive director of Ezer Mizion, an Israel health support organization, in Canada for two years.

For more information, visit israelbonds.ca or call 1-866-543-3351. Questions can also be put to Sadoff in the BC office, at 604-266-7210 or [email protected]. 

Sam Margolis has written for the Globe and Mail, the National Post, UPI and MSNBC.

Local office open again

Yael Levin, executive director, Israel Bonds Vancouver. (photo from Israel Bonds)

For more than two years, the local Israel Bonds office was closed, and anyone wishing to contact Bonds had to go through Toronto. But, last July, the local office started to open again, initially for a few hours a week. By September 2017, it was open two days a week. Finally, on Feb. 1 this year, it reopened fully, with Yael Levin in the role of executive director.

Levin will be spearheading an effort not only to raise the profile of Israel Bonds here and find more investors, but she will also form a strategic plan and host a number of events each year for the community.

The reopening was championed by Israel Bonds Canada chief executive officer Raquel Benzacar Savatti, who wanted to ensure that Vancouver’s Jewish community is served.

“I know that smaller communities do feel the loss when organizations close their offices…. Although we kept in touch with our Vancouver clients through our other offices, it’s not the same as having a presence,” said Savatti. “Vancouver is a wonderful community, our third largest, and it’s important that we have an office to serve investors in this savvy financial hub.”

Savatti was hired in December of 2016 and had a number of other priorities to deal with before searching for the appropriate executive director for the Vancouver office. She credits Nadine Katz – who is still working in client services at the local office – with connecting her to Levin.

Levin comes to the job ready to work in English, Hebrew or Spanish. Born in Mexico City, Levin made aliyah in 2002. She lived and worked in Israel for four years and then moved to Vancouver for a couple of years before returning to Israel until 2012, when she came back to Vancouver with her family to stay.

“I love to work in my community,” said Levin when asked what appealed to her about joining Israel Bonds.

Since her return to Vancouver in 2012, Levin has worked for Jewish National Fund and, most recently, for the Centre for Israel and Jewish Affairs, Pacific Region. At CIJA, she worked with members of the non-Jewish community and welcomes the chance to share the investment tool that Israel Bonds has to offer both within and outside of the Jewish community.

Having never defaulted on a loan since its establishment in 1951, Israel Bonds has a notable track record and a better interest rate than other comparable fixed-term investments. One of the highest-profile investors in the world, Warren Buffett, has been a vocal supporter of Israel Bonds. Savatti shared a story of a recent event that Buffett headlined for Bonds. In order to attend the event, investors needed to buy a minimum of $1 million in bonds. In the first three minutes of his address, Buffett challenged those in attendance to buy five more $1 million bonds, which he would match. She said the crowd responded.

While not everyone can invest so much, obviously, Savatti was clear that the mission of Israel Bonds offices throughout Canada, the United States, Mexico, Brazil and Europe is to raise awareness in the Diaspora of needs in Israel. In the early days of the state’s existence, funds were needed for basic infrastructure like roads and schools. Now, the money, which goes directly to Israel’s finance ministry, is used for projects such as high-speed trains and water desalination.

Savatti was quick to point out that, while things are going well with Israel’s economy at the moment, when the chips are down, it’s friends of Israel, both Jewish and non-Jewish, around the world who continue to support and invest in the state of Israel.

Another important job for local Israel Bonds offices like the one in Vancouver is to educate investors. Levin is actively engaged in the planning of two programs scheduled for this fall. One will be a financial literacy seminar for women and the other will be a larger community event with a keynote speaker of note.

Anyone who is interested in becoming involved as a volunteer for Israel Bonds can contact the local office, which is located on the third floor of the Jewish Community Centre of Greater Vancouver, at 604-266-1210. The hours are Monday through Thursday from 9 a.m. to 5 p.m., and Fridays from 9 a.m. to 3 p.m.

Michelle Dodek is a freelance writer living in Vancouver.