U.S. Negotiates Giving Egypt $50, 000, 000 in Food on Three-year Credit
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U.S. Negotiates Giving Egypt $50, 000, 000 in Food on Three-year Credit

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The State Department today disclosed that “commercial arrangements” are being made with Egypt, through the Commodity Credit Corporation, for an estimated $50, 000, 000 worth of food, mainly wheat, corn, vegetable oil and tobacco. Repayment will be entirely in dollars.

The Department spokesman stressed that this deal is unrelated to the continuing study of the pending surplus food request from Egypt, which continues under consideration. The U.S. Government Commodity Credit Corporation will cover $50, 000, 000 in food purchases by Egypt with 10 percent of the cost paid in advance. The remainder will be paid over a period of three years. The Commodity Credit Corporation is an agency of the U.S. Department of Agriculture.

Congressman Seymour Halperin, New York Republican, protested today against the $50, 000, 000 loan to Egypt through the C. C. C. He said the Egyptian policies of aggression and military preparations had not changed to merit such considerations. He said he opposed aid to Egypt, whether through the C. C. C. loan or any other program.

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