The International Cooperation Administration today announced approval of an allotment of U.S. -owned Israeli pounds equivalent to $15, 000, 000 for development projects in Israel.
This Israeli currency was acquired by the sale of U.S. agricultural commodities to Israel under Section 402 of the Mutual Security Act. An ICA official explained that this is a formal action transferring funds previously indicated in the program expected to total about $25, 000, 000 in the current U.S. fiscal year. Most procurement authorizations have already been issued under the program.
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