Raanan Dinur, director-general of Prime Minister office, said in December 2006 that Israel had finalized plans to set up a NIS 160 million private equity fund to help develop the businesses of the country's Arab community over the next decade. According to Dinur, companies owned by Arab citizens of Israel will be eligible to apply to the fund for as much as NIS 4 million (US$952,000), enabling as many as 80 enterprises to receive money over the next 10 years. The Israeli government will, according to Dinur, solicit bids to operate the fund from various financial institutes and private firms, which must pledge to raise at least NIS 80 million (about US$19 million) from private investors.