SUMMARY OF KIBBUTZ DEBT AGREEMENT                                    EXHIBIT 4.8



Following the difficulties experienced by the kibbutzim in Israel and the
organizations affiliated with them during the 1980's, several agreements were
entered into between the years 1989-1999 in which the parties were the kibbutz
movements, the creditor-banks and the State of Israel.

The purpose of these agreements was to reorganize the debt of the kibbutzim and
the organizations affiliated with them and to conform it to their actual
repayment ability. The agreements include a detailed and complex apparatus to
handle these debts. Within this framework, it was established that the kibbutzim
which were defined as assisted kibbutzim (those requiring assistance) shall be
entitled to refunds of certain interest differentials for unpaid credit which
they were granted by the banks who were parties to the agreement, to a waiver of
part of these credits and to long-term rescheduling of the remainder.

The government financed 35% of the waivers and deposited funds with the banks to
serve as a source for the rescheduling. Kibbutzim that were defined as owners of
real estate having the potential for development, were required pursuant to
these agreements to assign their rights in the land in consideration for a
portion of the waivers that they were approved for them.

See Note 4 to our financial statements in Item 17 of this annual report for
further details of the Kibbutz debt agreement.