Israel Ambassador Avraham Harman and Assistant Secretary of State Raymend Hare today signed Food for Peace agreements providing for the sale to Israel of $32, 000, 000 worth of American farm products.
One agreement, under Title One of Public Law 480, provided for $23, 500, 000 worth of products. Commodities included were food grains, wheat and wheat flour, cotton seed or soy bean oil, and tobacco. The second agreement provided for a long-term dollar credit sale of $8, 500, 000 worth of feed grains. This agreement is under Title Four of Public Law 480.
Payment under Title One will be in Israeli pounds, Seventy percent of the pounds generated will be available for social and economic development projects in Israel. Types of projects to be financed include expansion of schools and improvement of medical and health facilities. Twenty-five percent will be for U.S. Government uses, and 5 percent for loans to U.S. and Israeli private business firms. Under the Title Four agreement, the Israeli Government will repay the United States in dollars.
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