NEW YORK (Oct. 14)
The Export-Import Bank awarded yesterday to American Israeli Paper Mills, Ltd., a $3, 000, 000 credit to assist in financing purchases of pulp paper and manufacturing equipment in the United States. The loan will be repayable in 14 semi-annual installments, beginning in 1961.
The loan will be applied to the purchase of $4, 800, 000 worth of American equipment. The balance will be obtained through credits from United States suppliers and from the sale of stock, according to a spokesman for American Israeli Paper Milis. The company has already embarked on a $10, 300, 000 expansion program.