Export-import Bank Mission to Study $75 Million Israel Project

Samuel C, Waugh chairman of the board of the Export-Import Bank of Washington, made known today following a meeting with President Eisenhower on Israel’s pending application for a $75,000,000 irrigation loan, that a Bank mission will leave for Israel soon to study the project. The mission is expected to leave within two weeks.

Mr. Waugh said after talking with Mr. Eisenhower that the Bank has been considering from an economic and engineering viewpoint an Israel request for a loan to finance dollar purchases in the United States to supplement and expand Israel’s agricultural development program. This program has been financed in part by previous Export-Import Bank loans.

Following consultations with Israel Finance Minister Levi Eshkol and Ambassador Abba Eban, the Bank decided to send the mission, Mr. Waugh said. He said that “Bank representatives have not visited Israel since 1953 and on-the-ground examination of existing projects and potential resources for further agricultural development is customary before any definitive steps can be taken on proposals of this nature.” He declared that “immediately on the mission’s return and based on its finding, the Export Bank will give final consideration to financing of the pending Israel proposal.”

Mr. Waugh met with Ambassador Eban today and Mr. Eban later issued a statement hailing the Bank’s decision to send the mission and “the splendid contribution the Bank has already made to the development of Israel’s economy. He said a comprehensive study of Israel’s proposals had been under way since the application was made last March and pointed out that the implementation of this agricultural development program “will give a great impetus to Israel’s economic development. Within a few years it will be saving and earning tens of millions of dollars annually by reducing food imports and increasing agricultural exports.”