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Israel Govt. Approves Measures to Finance Expansion of Merchant Fleet

The Cabinet today approved a recommendation to set up a special banking institution to finance the construction and purchase of new vessels for the future expansion of Israel’s merchant marine.

The country’s merchant fleet, which now totals 640,000 tons and includes 70 active vessels, is expected to reach a total of 1,000,000 tons by the middle of 1964.