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Jewish Agency Gets $2, 380, 000 Loan in Germany for New Housing Plans

A loan of 10, 000, 000 marks ($2, 380, 000) has been raised in West Germany by the Jewish Agency on behalf of the Rassco Company, a construction firm founded by the Agency to promote the building of housing facilities for middle class settlements, it was announced by the Jewish Agency office here today.

The loan, which was granted by German banks on favorable terms, will finance new housing projects to help clear maabarot (temporary camps) and accommodate new immigrants. Rassco has built more than 60 villages and residential quarters since its founding in 1934.