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Israel Starts $50, 000, 000 Loan Drive to Build Houses for Newcomers

A campaign to raise $50, 000, 000 in housing bonds to provide dwellings for newcomers was launched today on a nationwide basis by Levi Eshkol, Israeli Finance Minister.

Speaking at a press conference, the Finance Minister said the number of immigrants was expected to top 100, 000 by the end of the fiscal year. If funds were not provided locally there was a danger that immigrants arriving in the fall would not have proper housing. He warned that in that event Israel would have to return again to transitional camps, the maabaroth.

The housing fund drive would be a popular loan with either cost-of-living or dollar links and will carry six percent interest, Mr. Eshkol explained.