President Samuel C. Waugh of the U. S. Export-Import Bank today officially announced a loan to the Government of Israel in the amount of $24,200,000 for expansion of water supply, irrigation and other facilities for agricultural development.
The loan represented the Bank’s response to Israel’s long pending application for a $75,000,000 loan. Repayment of the loan will be in 24 semi-annual installments beginning in 1961.
The credit announced today will assist part of the four-year program proposed by Israel to develop a large area including new wells, stream diversion, and water distribution for enlargement of farmlands. A Bank mission visited Israel in the summer of 1957 to examine the Israeli application and proposed project.
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