President Kennedy announced today at his press conference that a $25, 000, 000 credit had been authorized for Israel by the Export-Import Bank of Washington to speed the development of Israel’s economy. The credit will cover the financing of seaport development and agricultural machinery.
The Israel Government began negotiations here for this line of credit last fall when Finance Minister Levi Eshkol visited Washington. When the Export-Import Bank board of directors this week voted to approve the $25, 000,000 credit, it had received from Israel suggestions for projects costing approximately $18, 000, 000. It is anticipated that the balance will be utilized for additional industrial equipment.
The projects already submitted covered mainly agricultural and industrial machinery and equipment. Also submitted were undertakings for power extensions, estimated at about $3,500,000. The new line of credit envisaged some equipment for the new seaport of Ashdod estimated at about $2, 000, 000.
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