U.S. donation sets up new Israeli school

JERUSALEM, July 9 (UPI) -- A California foundation has donated $12 million to help set up an international business school in Tel Aviv to open next year, school officials say.

Technion-Israeli Institute of Technology in Haifa said on its Web site the gift from the Andre and Kathryn Merage Foundation will make the start-up of the Institute for International Business in Tel Aviv possible next year. The new school, announced June 28 and detailed at a July 1 ceremony at Technion, will offer high-tech executives an English-language curriculum leading to an executive masters of business administration degree.

"I anticipate that the EMBA program will, within a short time, become a leading international program which will attain high international standing," Technion President Yitzhak Apeloig said. "The program, the first of its kind in Israel, answers the need of the Israeli business community for a degree with an added value that is strategically focused."

Foundation founder Paul Merage said his organization, which he created in 2004 with a primary goal of strengthening Israel's commercial ties with the United State, sees Technion "as the most fitting partner for training the next generation of high-tech leaders in Israel."

Students attending the 18-month course will have the opportunity to meet leading international economists and academics, and focus on the needs of foreign markets. Once they have graduated they will become Merage Foundation Fellows, the school Web site said.