Israel Grants Credit Facilities to Turkey; Expands Trade

Israel has furnished credit facilities to Turkey in order to expand trade and re-emphasize her ties with that country, the New York Times reported today in a cable from Ankara.

The report said that Israel has also sought and received assurances that Turkey’s new friendship with the Arab states does not imply impairment of Turkish-Israeli diplomatic and commercial relations. Israel is particularly concerned about maintaining Turkey as the largest market for her industrial exports, the report stressed.

Trade between Turkey and Israel jumped from 9,000,000 liras ($3, 214,000) in 1951 to 65,000,000 liras last year. Exchanges this year are expected to exceed 80,000,000 liras despite Turkey’s failure to export wheat following a bad harvest. According to the Times report, Israel has now raised the debt ceiling under the 1950 clearing agreement with the Turks to enable Ankara to continue importing sizable quantities of Israeli cement, construction materials, automobiles, electical appliances and pharmaceuticals.

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