A group of seven New York banks has granted a loan of $20, 000, 000 to the United Jewish Appeal of Greater New York, it was announced today by New York UJA treasurer Samuel D. Leidesdorf. Mr. Leidesdorf said that the UJA envisages the loan as a five-year program. It is to start with a two-year loan which may be reviewed annually looking towards the amortization of the loan over five years.
The loan is part of a nationwide program undertaken by the national United Jewish Appeal to borrow $75, 000, 000 for a period of five years from Jewish community chests and welfare funds throughout the country in order to accelerate the absorption of immigrants in Israel and speed the country’s agricultural development. At the same time, the loan project will have the indirect effect of making available the hard currency required by Israel’s treasury to consolidate its short-term debt.
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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.
