Michael Bloomberg donates $27.8 million to rebuild northern Israel  

Billionaire Michael Bloomberg, whose net worth is estimated at $102 billion according to Forbes, has announced a significant donation of 100 million shekels (approximately $27.8 million) to aid in the reconstruction of northern Israel following extensive war damage.

Local government officials suggest this may be just the beginning of Bloomberg’s financial involvement in revitalizing the region.

James Anderson, a senior official at the Bloomberg Foundation, addressed northern municipal leaders in a letter, emphasizing the foundation’s commitment to supporting recovery efforts: “We stand with you, the leaders of the north and south, to tackle the challenges of reconstruction and growth. We recognize that these challenges demand a strategic vision—addressing immediate needs while fostering regional development on a broader scale.”

He further stressed the importance of fostering a collective sense of purpose among residents, not just in the wake of disaster but also in future growth and redevelopment.

Bloomberg’s donation comes with oversight. His philanthropic foundation plans to closely monitor the use of funds, ensuring meaningful progress. To lead this initiative, Bloomberg has entrusted the Bloomberg-Sagol Center for City Leadership at Tel Aviv University.

Established in 2022 in collaboration with his Israeli partner, Yossi Sagol, the center is uniquely positioned to manage this ambitious redevelopment program. The Sagol family’s legacy includes ventures like Keter Plastik, a cornerstone of their business empire.

* Ynet contributed to this article.