President Samuel C. Waugh of the U. S. Export-Import Bank today officially announced a loan to the Government of Israel in the amount of $24,200,000 for expansion of water supply, irrigation and other facilities for agricultural development.
The loan represented the Bank’s response to Israel’s long pending application for a $75,000,000 loan. Repayment of the loan will be in 24 semi-annual installments beginning in 1961.
The credit announced today will assist part of the four-year program proposed by Israel to develop a large area including new wells, stream diversion, and water distribution for enlargement of farmlands. A Bank mission visited Israel in the summer of 1957 to examine the Israeli application and proposed project.
The Archive of the Jewish Telegraphic Agency includes articles published from 1923 to 2008. Archive stories reflect the journalistic standards and practices of the time they were published.