U.S. Voices No Objection to $56,500,000 Loan by World Bank to Nasser

Despite the continued anti-Israel blockade, the United States has made no objection to the loan of $56,500,000 by the World Bank to the United Arab Republic for improvement of the Suez Canal, bank sources revealed today as the loan reached its final stage of consideration.

The sources today reported President Eugene R. Black favors the loan to Nasser both as a sound investment and as a stabilizing factor in the Near East. It was predicted that the bank would announce formal approval of the loan on Monday of next week.

Two leading UAR officials left for Washington today to be available when the bank’s board of governors approves the loan. They are Mahmoud Yunes, Suez Canal Authority chairman, and Abel Guelil Elemay, president of the Egyptian National Bank. Yunes will sign the agreement on behalf of the Suez Authority, probably on December 21.

Henry Kearns, U.S. Assistant Secretary of Commerce for International Affairs, arrived in Cairo today with a portfolio of plans for closer relations with the United Arab Republic. He will engage in extensive economic talks with UAR officials.

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