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Exhibit 12.2

# Certification by Chief
Financial Officer Pursuant to Section 302 of theSarbanes-Oxley Act of
2002

I, Shaul Gliksberg,
certify that:

1.       
I have reviewed this amendment no. 1 to the annual report on form 20-F/A of
American Israeli Paper Mills Limited (the "Company").

2.        Based
on my knowledge, this annual report does not contain any untrue statement           of a
material fact or omit to state a material fact necessary to make the           statements
made, in light of the circumstances under which such statements were           made, not
misleading with respect to the period covered by this report.

3.        Based
on my knowledge, the financial statements, and other financial           information
included in this report, fairly present in all material respects the           financial
condition, results of operations and cash flows of the company as of,           and for,
the periods presented in this annual report.

4.        The
companys other certifying officer and I are responsible for           establishing
and maintaining disclosure controls and procedures (as defined in           Exchange Act
Rules 13a-15(e) and 15d-15(e)) and internal control over           financial
reporting (as defined in Exchange Act Rules 13a-15(f) and           15d-15(f))for the
company and we have:

| | a) | Designed
such disclosure controls and procedures, or caused such disclosure           controls and
procedures to be designed under our supervision, to ensure that           material
information relating to the company, including its consolidated           subsidiaries,
is made known to us by others within those entities,           particularly during the
period in which this report is being prepared;
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | b) | Designed
such internal control over financial reporting, or caused such           internal control
over financial reporting to be designed under our supervision,           to provide
reasonable assurance regarding the reliability of financial reporting           and the
preparation of financial statements for external purposes in accordance           with
generally accepted accounting principles;
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | c) | Evaluated
the effectiveness of the companys disclosure controls and           procedures and
presented in this report our conclusions about the effectiveness           of the
disclosure controls and procedures, as of the end of the period covered           by this
report based on such evaluation; and
| | -- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | d) | Disclosed in this report any change
in the companys internal control over financial reporting that occurred during the
period covered by the annual report that has materially affected, or is reasonably likely
to materially affect, the companys internal control over financial reporting; and
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

5.        The
companys other certifying officer and I have disclosed, based on our           most
recent evaluation of internal control over financial reporting, to the           companys
auditors and the audit committee of the companys board of           directors (or
persons performing the equivalent functions):

| | a) | All
significant deficiencies and material weaknesses in the design or operation           of
internal control over financial reporting which are reasonably likely to
          adversely affect the companys ability to record, process, summarize and
          report financial information; and
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | b) | any
fraud, whether or not material, that involves management or other employees           who
have a significant role in the companys internal control over           financial
reporting.
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|Date: January 8, 2009 |  | By: /s/ Shaul Gliksberg
Shaul GliksbergChief  Financial Officer
|--------------------- |  | -----------------------------------------------------------------------------



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