Knesset Committee Approves Government Credit for Building of Ships

The Finance Committee of the Knesset, Israel’s Parliament, approved today a grant of government credit for the construction of three freighters for the Zim Shipping Company.

The ships, which will be of large tonnage, will be built in French shipyards. The committee was informed that at the end of 1960, Israel’s shipping investments totaled $123,000,000. Some $28,000,000 have been invested in passenger ships and combined cargo carriers, $68,000,000 in freight carriers and some $27,000,000 in tankers.

More than 70,000 passengers were carried to and from the country in Israeli ships during 1960, constituting almost two-thirds of all sea traffic during the year.

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