A detailed agreement on the expenditure of the $24,200,000 loan approved recently by the Export-Import Bank was signed in Washington Friday by Ambassador Abba Eban and Samuel C. Waugh, chairman of the bank. The agreement provides for assistance in developing Israel’s water resources outside the Jordan Basin.
The Israel Embassy confirmed that action has also been completed on a loan of $15,000,000 from the development loan fund for the development of electric power and communication. Letters exchanged last week between Ambassador Eban and the State Department fix the terms of the loan which is to be repaid in Israel currency and partly applied to other development projects in Israel.
A table on economic aid prepared by the International Cooperation Administration indicated that Israel will receive an estimated $9,000,000 during the United States fiscal year ending June 30, 1958. This compares, according to the table, with $23,984,000 for the fiscal year ending June 30, 1956.
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