JERUSALEM, June 1 (Xinhua) -- The Israeli Citizens' Fund, set up to manage state revenues from natural resources, was officially launched on Wednesday, the Ministry of Finance said in a statement.

       The sovereign wealth fund includes income from levies imposed on profits gained by franchise energy companies from natural resources, including natural gas, oil, and potash.

       The sums in the fund are to be used for the benefit of Israeli residents, especially for social, economic, and educational purposes, according to Israeli law.

       The fund was established by law back in 2014, after the discovery of the Tamar and Leviathan natural gas fields in the Mediterranean Sea off the northern coast of Israel.

       However, the law stipulates that the fund can become active only after the total tax revenue from natural resources profits exceeds 1 billion new shekels (300 million U.S. dollars).

       Israeli Finance Minister Avigdor Lieberman on Wednesday signed an ordinance to operate the fund after the Israel Tax Authority informed him that the total amount of levies collected so far had reached 1.14 billion shekels, according to the ministry.