NEW YORK (Oct. 29)
The Jewish National Fund of Israel obtained a loan of $6,000,000 from the Bank of America of San Francisco, Dr. Harris J. Levine, president of the Jewish National Fund of America, announced today. The money will be applied to land development projects, especially to the drainage and reclamation of the 15,000-acre Huleh swamp region in northern Israel, on the Syrian border.
The loan has been contracted for a period of three years. Dr. Josef Weiss, director of Finance of the Jewish National Fund in Jerusalem, who came to this country on a special financial mission, negotiated the loan. It is estimated that when the Huleh project is completed, it will be possible to establish 2,00 farming units of 30 dunams each ( a dunam is a quarter of an acre) on the 60,000 dunams of reclaimed land, with an annual income from agriculture produce of $10,000,000.
Recently, the J.N.F. in Jerusalem awarded at $4,500,000 contract to J.R. Sensibar, president of Construction Aggregates Corporation of Chicago, for the second phase of the drainage and reclamation of the Huleh swamp area, the first phase having just been concluded by an Israeli firm.