Israel Bonds, officially known as the Development Corporation for Israel, was awarded the Presidential Medal of Honor during a ceremony held on Monday evening. The event, however, was marked by a somber note as President Isaac Herzog opened his remarks with a prayer for the victims of a recent school excursion in northern Israel, where one student was killed and 23 students and teachers were wounded in an incident still under investigation.
Addressing the International Leadership Delegation of Israel Bonds, President Herzog emphasized the organization’s integral role in Israel’s economic development. Since its inception, Israel Bonds has invested approximately $58 billion into the country's economy. Notably, in the immediate aftermath of the October 7 attacks, Israel Bonds raised $1 billion within the first month and added another $8.5 billion subsequently, continually surpassing its own fundraising records.
Herzog reflected on the origins of Israel Bonds, recalling his uncle Abba Eban’s significant involvement as Israel’s ambassador to the United States during its founding. He noted that the initiative arose from a vision to garner strong financial support for the newly established state of Israel. The founders recognized postwar America as a generous nation committed to freedom and prosperity and sought to mobilize the Jewish diaspora alongside American friends to aid Israel’s economic future through bond investments.
Although the initial focus of Israel Bonds was the United States, its reach quickly extended to Canada, Europe, and Central America. Delegates at the event represented multiple countries, including Mexico, the United Kingdom, various European states, and Latin American nations.
President Herzog praised Dani Naveh, Israel Bonds’ Global President and CEO and a former health minister, for his leadership. Herzog underscored that his longstanding friendship with Naveh, formed during their military service, was not a factor in bestowing the honor. He highlighted the enduring partnership between Israel and the United States, describing the U.S. as Israel’s most reliable ally and crediting Israel Bonds with providing critical financial support through periods of crisis.
Proceeds from Israel Bonds have been directed toward Israel’s infrastructure, construction, and technological innovation, areas cited by Herzog as vital to the country’s resilience, especially amid recent hardships following the events of October 7.
In a contentious part of his speech, Herzog criticized the Nobel Prize Committee for awarding the Nobel Peace Prize to Navi Pillay, whom he accused of promoting a “genocide lie.” Herzog condemned the decision as morally erosionary and offensive to victims of recent attacks.
Naveh, speaking at the ceremony, shared a personal reflection on his late mother, a Holocaust survivor, who often worried about the demanding nature of his work. Receiving the medal from the nation’s president, he said, assured him that their efforts with Israel Bonds are valued by the Israeli public. Naveh also noted that a special fundraising campaign was launched immediately after the October 7 attacks, yielding rapid results. He expressed gratitude for ongoing cooperation with Israel’s Finance Ministry.
Dr. Andrew Hutter, U.S. and International Chairman of the Board of Directors for Israel Bonds, described the honor as deeply moving, noting that shaking President Herzog’s hand at his official residence was among the most significant moments of his career.
The ceremony included a screening of a newly produced Israel Bonds film, which utilized artificial intelligence to depict historical scenes featuring David Ben-Gurion and Albert Einstein. The film traced the organization's role during key moments of Israeli crises, creatively illustrating Israel Bonds as a consistent source of support throughout the country’s history.