Export-import Bank Authorizes $20,000,000 Credit for Construction Work in Israel

The Board of Directors of the Export-Import Bank announced today authorization of credits totaling $20,000,000 to Israel for the purchase of U.S. equipment, materials and services necessary for the continuation in 1950 and 1951 of Israel’s construction program.

The program includes the erection of houses and community facilities, construction and reconstruction of interurban highways and the expansion of water-supply and sewage-disposal facilities. During the next two years Israel expects to use this money to help house approximately 400,000 immigrants–including upwards & 75,000 now in camps–according to the Bank.

The new credits are to be amortized in 15 years and will bear interest at 31/2 percent per annum. They bring to a total of $93,350,000 credits authorized thus far by the Export-Import Bank from the $100,000,000 earmarked for Israel in January, 1949.

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