David Horowitz, governor of the Bank of Israel, stated here today that Israel is now certain to receive the loan for $27, 500, 000 from the International Bank for Reconstruction and Development — and with this certainty, a huge $64, 000, 000 Israeli port development plan became a certainty.
The loan from the financial institution, which is a United Nations agency with headquarters in Washington, is the first for which Israel ever applied to this World Bank.
The $64, 000, 000 port development will include the new port of Ashdod as well as the existing ports at Haifa and Eilat. Part of the vast development at Ashdod will include another great project, the creation of a city of 160, 000 population, with road and rail connections to every section of Israel.
Ashdod, an ancient Philistine port, is 62 nautical miles from Haifa, and is located on the southern coast of Israel’s Mediterranean shoreline. When all of this new port’s facilities are completed, by 1965, it is expected to be the most modern port in the entire Middle East, capable of handling not only increased Israeli shipping but also shipments and trans-shipments for much of the Middle East region.
The Archive of the Jewish Telegraphic Agency includes articles published from 1923 to 2008. Archive stories reflect the journalistic standards and practices of the time they were published.
