A plan for the international financing of underdeveloped countries, devised six years ago by David Horowitz, Governor of the Bank of Israel, has been recommended to President Richard M. Nixon by a select research committee comprised of leading American bankers and financiers, it has been learned. The group, headed by Rudolf A. Peterson, president of the Bank of America, was appointed by President Nixon last September and reported to him on March 4. Mr. Horowitz presented his plan at the first conference of UNCTAD (United Nations Conference on Trade and Development) in Geneva in 1964. It would require each developed country to set aside a fixed proportion of its national income for long term, low interest loans to developing countries. The use of the funds would be left largely up to the governments of the developing countries with no political interference in their affairs. Its effect would be to afford underdeveloped countries easy access to the international capital market. President Nixon’s committee recommended application of the Horowitz plan by the U.S.
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The Archive of the Jewish Telegraphic Agency includes articles published from 1923 to 2008. Archive stories reflect the journalistic standards and practices of the time they were published.
