United States-Israeli negotiations for completion of the agreement under which Israel receives $65,000,000 in aid from the United States under the Mutual Security Act of 1951 opened here this week-end.
The negotiators will complete details on the draft agreement prepared by the Israel Embassy in Washington and the U.S. Department of State. Of the total aid grant, $25,000,000 has already been released to Israel and the agreement, which is expected to be signed within a few days, will cover the entire amount.
Counterfunds called for by the agreement, will be provided by the Israel Government in accordance with the new rates of exchange announced by the government last week. Counterfunds against previous expenditures from the aid grant will be paid at the then prevailing rate of $2.80 to the Israel pound.
In opening the negotiations at the Foreign Ministry, Foreign Minister Moshe Sharett said that “by aiding Israel, the United States Government is promoting a great work of human reconstruction, the grafting of the bud-wood of modern democracy and technological civilization on the stock of an ancient culture to enable the spreading tree of Israel’s national life to realize the full promise of its fruition.”
He welcomed American aid and described it as “a noble and creative understanding” which, he said, “will be everlasting in the annals of Jewish and world history.” United States Ambassador Monett B. Davis, in reply, stressed that the keynote of the Mutual Security program is cooperation based on mutual effort and self-help.
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