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U.S. Grants Additional $5, 000, 000 Loan for Israel’s Industrial Plants

An additional $5, 000, 000 loan for the Israel Industrial Institute from the United States Development Fund was announced today by John Haggerty, director of the United States Operations Mission in Israel.

The Institute previously had received $5, 000, 000 from the Fund which also granted $15, 000,000 to the Israel Government. The loans, which are made in dollars under foreign aid legislation to assist private enterprise in newly developing countries, are repayable in Israel pounds.

The Institute is a development bank for channeling funds for industrial expansion in Israel. It is owned partly by the Israel Government and partly by semi-public agencies and some private investors.