Nothing to interpret. That verse is not about israel. It is about abraham. "Israel" happens well after abraham's death.
Also, that verse is from the torah, not the christian bible ( new testament ). It is fundamentally meaningless to christianity as the verses in the quran are.
It's hilarious how people like cruz cherry-pick passages from the old testament. The torah also has quite interesting things to say about homosexuality (death penalty by stoning), slavery (legal) and women's rights (none). What's cruz's views on these topics.
As with all things in the bible, it's meaning is subject to interpretation, and I won't attempt to argue for one interpretation vs another. Just putting it out there as some additional context.