Two Boeing 707 jet airliners will be provided to El Al Israel Airlines under terms of a new loan arrangement involving approximately $13,000,000 approved today by the board of directors of the U.S. Export-Import Bank.
The planes, powered by British Rolls Royce jet engines, will be delivered in the spring of 1961. El Al will be enabled to remain on a competitive basis with other airlines securing similarly modern equipment. Tel Aviv-New York flying time will be reduced by hours.
The Export-Import Bank will cover 68 percent of the cost of the planes and spare parts. 20 percent will be covered by the buyer, and 12 percent by the manufacturer. Export-Import Bank’s loan will be at 5. 75 percent interest and for a period of seven years. The board’s action must obtain final approval, usually a formality, from the bank’s national advisory council. No difficulty is anticipated.
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.
