Israel Innovation Authority Update

The Israel Innovation Authority (the "IIA") continues to respond to the unique situation presented by the worldwide COVID-19 pandemic. The IIA has now published Track 43 (the "Track") for the protection of investments by institutional investors in Israeli hi-tech companies as part of a government approved national economic program. In the short term, the goal of the Track is to support Israeli hi-tech companies; in the long term, the goal is to encourage institutional investors to develop expertise in investments in hi-tech companies.

Under the Track, the IIA will offer investment protection for investments in hi-tech companies by institutional investors, such as provident or pension funds, banks and insurance companies and certain of their affiliates. Institutional investors will be able to submit requests to the IIA in order to be approved for an investment protection period several times throughout the year, upon the IIA's issuance of calls for submissions for