Israeli Finance Minister Eliezer Kaplan today signed a formal agreement for the first $35,000,000 of the Export-Bank’s $100,000,000 ?can to the Jewish state.
Signing for the Bank was the new chairman of its board of directors, Herbert Gaston. The Israeli special representative to the U.S., Eliahu Epstein, was present during the signing ceremony. It is expected that he will sign for Israel the necessary documents when the remainder of the U.S. loan is made available.
The $35,000,000 loan will be available to Israel until 1952. Interest on the ?can will be three-and-one-half percent. The first repayment on the principal must be made within three years and the entire principal must be repaid within 15 years.
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