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Egyptian Minister Reported Seeking $500,000,000 Loan in Washington

The United Arab Republic is reportedly meeting with “positive” reactions on the part of the United States Government in efforts to borrow a half-billion dollars to fill the gap in the UAR’s foreign currency requirements, according to Cairo reports received here today.

Egyptian Minister of Economy Kaissouny is now in Washington soliciting such a loan from the United States. In addition, the Cairo report stated, he is trying to arrange purchase of $531, 000, 000 worth of American agricultural surpluses, under U.S. Public Law 480. These purchases would reportedly be spread over a period of three years at the rate of $177,000,000 annually. Under this plan, Egypt would pay in local currencies for the surpluses, with credit granted for many years.

At the same time, another dispatch, from Amman, Jordan, reported that a $9, 800, 000 chemical fertilizer plant, largest of its kind in the Middle East, will be built in Jordan by a West German corporation.

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