The European Community will loan Israel up to $95 million for industrial development over the next five years, according to a financial protocol just signed here.
The signatories were Ambassador Joseph Weyland of Luxembourg, the country that currently holds the rotating chairmanship of the E.C. Council of Ministers, and Juan Pratt, director general for Mediterranean policy of the European Executive Commission.
Israel was represented by its ambassador to the E.C, Avi Primor.
A joint statement issued after the signing explained that the European Investment Bank, the E.C.’s financial institution, would extend credits to Israel for a period up to Oct. 31, 1996.
The loans would be earmarked for projects contributing to Israel’s economic growth, in the framework of the E.C.-Israel trade and financial cooperation agreement signed in May 1975.
“It would allow the two parties to deepen cooperation contributing to Israel’s economic development and to the strengthening of their relations in their mutual interest,” the statement said.
The E.C. has signed trade and financial cooperation agreements with a dozen Mediterranean countries.
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