Israel today formally became a member of the International Bank for Reconstruction and Development and of the International Monetary Fund.
The articles of agreement were signed at a State Department ceremony by Israel Ambassador Abba Eban in the presence of officials of United States and Israel Governments. Samuel Waugh, Assistant Secretary of State for Economic Affairs, represented the United States. The State Department acts as repository for the Bank and will keep the document signed today.
Israel’s quota in the International Monetary Fund is $4,500,000 and its subscription to the capital stock of the Bank is 45 shares with a total par value of $4,500,000. Israel became the fifty-seventh nation to hold membership in the Fund and Bank. Admission of Israel brought the total of members’ quotas in the Fund to $8,852,900,000. The total subscribed capital of the Bank is now $9,152,000,000.
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