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U.S. Export-import Bank Gives Nasser $22,500, 000 for Locomotives

The United Arab Republic was given today a $22,500, 000 credit by the U.S. Export-Import Bank to finance the purchase in the United States of 100 General Motors Diesel electric locomotives.

The announcement was made on the eve of President Nasser’s arrival by President Samuel C. Waugh of the American Government banking agency. The credit will assist the UAR railways to carry forward a dieselization and modernization program including improvement to service in the Caza Strip, Included in the equipment financed will be spare parts and shop tools. The credit will be repaid over a period of eight years commencing in May 1962.

Meanwhile, it was officially announced today in Cairo that another American ship, the Marine Voyager, had been placed on the Arab League blacklist for trading with Israel, and that the vessel will be refused Suez port facilities.

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