Israel and the European Economic Community (EEC) signed an agreement Friday giving Israel access to the Luxembourg-based European Bank for Investment, providing commercial loans to Israel of up to $40 million over the next five years.
The financial accord was the result of the decision by the EEC heads of state at their summit meeting in Stuttgart last week to lift the sanctions imposed on Israel when it invaded Lebanon in June, 1982. Another expected result of that decision is reactivation of the joint EEC-Israel committee for economic cooperation which was suspended as part of the sanctions.
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