The Jewish Agency is one of the most significant Zionist institutions that played a pivotal role since the early 20th century in facilitating Jewish migration to Palestine and strengthening the economic and demographic foundations of Israel. This article examines the role of this organization during the reign of Mohammad Reza Pahlavi, a period in which—despite the absence of formal diplomatic relations between Iran and Israel—conditions for the Agency’s activities in Iran were available. By utilizing political, religious, and economic networks within the Iranian Jewish community, the Agency was able to systematically guide the migration of Iranian Jews to the occupied territories. The agency’s actions were not limited to encouraging migration; they included financial preparations, passport issuance, establishing contacts with intermediary governments, and facilitating the transfer of migrant families' assets.

The main question of this study is how this international organization was able to orchestrate the migration of Iranian Jews and the transfer of their capital to Israel, and what economic consequences this process had for Iran. This research adopts a historical-analytical method and is based on archival documents and historical sources. The findings reveal that the Agency’s activities, while organizing mass migration of Iranian Jews, led to a significant outflow of human and financial capital from Iran. The reduction of skilled labor, withdrawal of commercial investments, and weakening of urban economic sectors were among the tangible consequences. Conversely, the Agency capitalized on this opportunity to reinforce the economic and industrial foundations of Israel, especially during its formative decades.