EXHIBIT 4.9

SUMMARY OF CREDIT TO THE ISRAEL ELECTRIC CORPORATION LTD.

     Pursuant to a series of agreements entered into at various times during the
1990's, we granted long-term credits to a certain governmental entity in a total
amount of approximately 1.5 billion U.S. dollars. These credits were granted
from deposits that were deposited with us by the State of Israel, in identical
amounts and having identical maturity dates as the credits. These credits are
fully guaranteed (principal and interest) by the State of Israel. The
outstanding balance of these credits as of December 31, 2005 was approximately
1.39 billion U.S. dollars, comprising approximately 83% of the total credit to
the public at that date.