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American Corporation Grants $10, 000, 000 Loan to Israel

Negotiations begun in Israel two months ago were successfully concluded here today by P. Saphir, director-general of the Israel Ministry of Finance, with the transmission of a check for $2, 500, 000 to the New York representatives of the Treasury of the Israel Government by A. Dickenstein, president of AMPAL–American Israel Corporation.

This was the final transaction of a loan of $10, 000,000 extended by AMPAL to the Israel Government for the express purpose of financing the expansion of that country’s irrigation and electric power development program.

AMPAL–American Israel Corporation is the largest private American corporation doing business with Israel. It has a wide variety of interests in many of Israel’s major industries and enterprises/and is also financing some of the drilling operations in search of oil in the southern region of Israel.