Two Israeli educational institutions will receive long-term, low interest loans totaling $5, 000, 000 under terms of an agreement approved today by the U.S. Senate Agricultural Committee.
The Weizmann Institute of Science at Rehovoth will get $4, 000, 000 worth of Israeli pounds while Bar-Ilan University, in Ramat Gan, will receive $1, 000, 000 worth of Israeli pounds. The loans are for 20 years at 2 percent interest. Under the American policy of surplus commodity sales, the Senate and House Agricultural Committees pass on loans from counterpart funds generated in payment.
John A. Schnittker, Assistant Secretary of Agriculture, wrote the Senate that at the end of last year, the United States owned 78, 300, 000 Israeli pounds and that an additional 50, 000, 000 pounds and 7, 000, 000 pounds interest would be received in repayment and interest this year. The U.S. Treasury sold 40, 800, 000 Israeli pounds for dollars in the last fiscal year. The proposed loans would be repaid in dollars including interest.
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