Exhibit 31.2

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

I, Israel Eldar certify
that:

|1. | I have reviewed this Annual Report on Form 20-F of American Israeli Paper Mills
                    Limited;
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|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 annual report.
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|3. | Based on my knowledge, the financial statements, and other financial
                    information included in this annual report, fairly present in all material
                    respects the financial condition, results of operations and cash flows of the
                    registrant as of, and for, the periods presented in this annual report.
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|4. | The registrant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
                    registrant and we have:
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| | 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
registrant, 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;
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| | b)
evaluated the
effectiveness of the registrant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;
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| | c)
disclosed in this report
any change in the registrants internal control                     over financial
reporting that occurred during the registrants most recent
                    fiscal quarter (the registrants fourth fiscal quarter in the
case of an                     annual report) that has materially affected, or is
reasonably likely to                     materially affect, the registrants
internal control over financial                     reporting; and
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| | d) 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.
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|5. | The registrants other certifying officer and I have disclosed, based on
                    our most recent evaluation of internal control over financial reporting, to the
                    registrants auditors and the audit committee of the registrants
                    board of directors (or persons performing the equivalent functions):
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| | 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 registrants ability
to record, process, summarize and                     report financial information; and
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| | b)
                     any fraud, whether or not
material, that involves management or other employees                     who have a
significant role in the registrants internal control over
                    financial reporting.
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|                     |                         
|-------------------- | ------------------------
|Date: June 28,  2007 |                         
|                     | /s/ Israel Eldar        
|                     |                         
|                     | Israel Eldar            
|                     | Chief  Financial Officer