The Palestine government today approved a $5,000,000 loan to be granted to the all-Jewish city of Tel Aviv by the Prudential Assurance Company of London.
Announcement that the loan will be ratified this week by the Municipal Council of Tel Aviv was made today by M. Rokeach, Vice-Mayor of Tel Aviv. Negotiations for the loan were started by Mayor Dizengoff on his visit to London last year.
An agreement has been reached here between Barclay’s Bank, Ltd., and the municipality of Jaffa, whereby the London bank will finance the water supply project and construction of a vegetable market by Jaffa. The expenditure on these projects is estimated at $150,000. The entire Jaffa budget this year is $500,000, including large sums for improvement of roads and drainage systems.
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