The Palestine Economic Corporation made arrangements for lending $1, 500, 000 for the completion of six new units to produce chemical fertilizers for Israel’s agriculture, Robert Szold, head of the PEC, told newsmen here today prior to his departure for the United States after a two-month visit to Israel. The Israel Government is cooperating in the project.
Mr. Szold also declared that he and the PEC study commission which he headed had been “impressed by the country’s economic growth, expansion, building and construction. We believe that the basis for the country’s future development has already been laid. ” The group included, beside Mr. Szold, economist Boris Margolin, industrialist Joseph Mazer and Ernest Natban.
Dr. H. Grunbaum, Israeli director of the PEC, reported on the progress of various of the company’s projects in Israel, including its citrus raising activities and the export of wines to the United States. In addition to the marketing abroad of diamonds finished in Israel, PEC plans to export other Israeli products soon, Dr. Grunbaum said.
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