he Finance Ministry and the Council for Higher Education’s Planning and Budgeting Committee, together with the Hebrew University, have formulated a NIS 2.7 billion multi-year recovery plan to bail out the educational institution.

The Hebrew University of Jerusalem is one of Israel’s oldest and most prestigious academic institutions. Established in 1918, it enrolls some 23,500 students and some 1,000 researchers across 14 schools.

“The agreement we have reached will enable the university to continue to contribute to the growth of the Israeli economy by investing in research and development and the cultivating of human capital,” Finance Minister Moshe Kahlon said on Wednesday.

Kahlon said that the main goal of the agreement was to ensure that the university would not only be a “leading and pioneering academic institution, but also an institution with financial stability and independence.”

The decade-long plan calls for the university to cover its budget deficit of some NIS 1.8b. through “self-financing sources” that are not used for academic activity, including the sale of some NIS 400 million of the institution’s assets.

Additionally, the university will balance its current budget by means of “institutional efficiency measures” in the amount of NIS 900m., which include cutting positions and salaries, increasing overhead, and streamlining the institution’s management. Read more at JPost