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Jerusalem City Gets $3,000,000 in Loans from Foreign Investors

The Jerusalem Municipality has obtained from a group of foreign investors $3,000,000 in loans for development of the city, it was disclosed today. Municipal officials said the 25-year loan was signed in Switzerland last week.

The Jerusalem municipality has long been seeking permission from the Israel Government to negotiate for loans abroad. The city, which has absorbed many tens of thousands of immigrants from Asian and African countries, faces various needs which cannot be dealt with immediately from taxes alone.