The United States Agency for International Development announced today it had granted Israel a $10,000,000 20-year loan to help build Israel’s economy. The funds may be used by Israel to purchase U.S. machinery and equipment, including such items as iron and steel mill parts and pharmaceutical products processing equipment. The loan carries the nominal interest rate of three-fourths of one percent.
At the same time it was announced here today that the United States has agreed to sell $39,600,000 worth of surplus commodities to the United Arab Republic. Under the terms of the agreement, signed Saturday, Egypt will get wheat, flour, cottonseed oil and soyabean oil with payments to be made in Egyptian currency.
(In Cairo it was announced today that the U.S. granted $40,000,000 in aid to the United Arab Republic to build grain storage plants. Of this sum, $17,000,000 was granted to the U. S. Agency for International Development as a loan to finance foreign currency requirements, and the equivalent of $23,000,000 as a grant from funds accumulated in Egypt from the sale of surplus U.S. grain to Cairo.)
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