 The effects of the worldwide economic depression of 1929 hit Keren Hayesod hard, but after Hitler’s rise to power in 1933, Keren Hayesod helped to develop the Haifa Bay suburbs to provide housing for German Jews fleeing the Nazis.Towards this end, the Rassco construction company was established in 1934.In 1936, Keren Hayesod supported the establishment of what would become the Israel Philharmonic Orchestra to provide employment for refugee musicians.