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Israeli Mission in Washington Reveals Details of Application for $100,000,000 Loan

Details of the application for a $100,000,000 loan submitted by the Israeli Government to the Export-Import Bank here were revealed today in a statement issued by a spokesman for the Israeli mission to the United States. Disclosing that the application was submitted on June 2, the statement said:

“This application requests the participation of the Export-Import Bank in financing a fraction of Israel’s immediate requirements of productive investments in resettlement and development. The application and its supporting documents detailed the specific productive purposes for which the requested credit is to be used. Some 120 groups of investment products are listed with approximate real quantities and dollar values to indicate exactly what Israel proposes to buy with the credit. An analysis is given also of the grounds for Israel’s confidence that it will be able to repay even far larger credits than $100,000,000 over an adequate period of time.

“Information with respect to Israel’s credit request has been submitted to the Export-Import Bank, first by the Jewish Agency and later by the Provisional Government of Israel and discussions have taken place at intervals during the past ten months. It is hoped that these negotiations may be brought to an early conclusion because Israel’s requirements of productive investments are urgent as a result of the large number of immigrants now entering the country.”

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