NEW YORK (May. 18)
The granting of loans to Israel is not enough, Sidney Sherwood, secretary of the U.S. Export-Import Bank, which granted a $100,000,000 loan to the Jewish state, declared here today. He stressed that "expression of confidence in the new state by private businessmen in the form of actual investment of private funds in the country is essential."
Mr. Sherwood spoke at a ceremony marking the opening of a new six-story building for Ampal–American Palestine Trading Corporation–the largest single American investor in Israel. He paid high tribute to Ampal for its vital role in stimulating private investments in the Jewish state.
Wilfred Malanbaum, chief of the Investment and Development Staff of the State Department, also emphasized the need for private investment in Israel. He pointed out that the U.S. Government has long supported policies to encourage private over-seas investment by American citizens. He lauded the Israel Government for its enactment of legislation aimed at attracting private foreign investments.
Israel Consul Gideon Strauss praised Ampal’s economic achievements in Israel. He pointed out that Ampal activities make the corporation a major factor in Israel’s dealings with the United States. Edmund I. Kaufman, chairman of Ampal’s board of directors, announced that the assets of the corporation today amount to more than $13,000,000 and that its capital resources are close to $11,000,000.