Israel becomes 20th member of Paris Club of creditor nations

A map showing the member countries of the Paris Club of creditor nations. Israel, not yet highlighted on the map, has become the club's 20th member. Credit: Wikimedia Commons.

( Israel on Tuesday was accepted into the Paris Club of creditor nations, a group of countries that negotiates deals to help poor countries with large debts. The group also includes the U.S. 

The informal 20-country organization was created in 1956 and has worked out loan deals for 90 countries. The group has come to 429 debt agreements totaling about 573 billion euros ($781 billion). In some cases, the organization can cancel or restructure country debts rather than allow a government to default.

The announcement that Israel has joined the organization "shows Israel's economic might and presents additional proof that Israel's place is alongside the strongest countries,” said Israeli Finance Minister Yair Lapid, reported The Associated Press

Posted on June 25, 2014 .