Final firmalities for release of United States aid funds for Israel totalling $26,250,000 were completed here this week-end with an exchange of letters between the United States Embassy and the Israel Foreign Ministry.
While the grant for the first six months is $26,250,000, the actual amount released will be $13,125,000 to cover agreed expenditures. They include $3,250,000 for fuel; $2,050,000 for food; $1,000,000 for raw materials for domestic consumption; $2,600,000 for raw materials for the export industries; $2,300,000 for agricultural and irrigation investment, and smaller amounts for a number of other categories of expenditure.
A counterpart fund in Israel currency has been set up to receive the funds paid by local purchasers for materials and supplies bought with the aid dollars. Israel has put into this special counterpart fund over 31,000,000 pounds derived as a result of former aid grant arrangements.
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