Secretary of State Cyrus Vance yesterday asked the House International Relations Committee’s subcommittee on foreign aid to approve $1 billion in military security assistance for Israel, half of which is to be forgiven and $126.5 million to Jordan, of which $75 million is a credit and the remainder in grants.
His program does not yet include details of economic supporting assistance which are to be given to Congress about March 15. It is known, however, that Israel is to receive $785 million out of the new budget of $1.742 billion. Most of the remainder is expected to be provided to Egypt with smaller amounts for Jordan and Lebanon. “Most of this money directly support our Middle East peace efforts,” Vance told the subcommittee.
Vance also approved a $30 million grant for the Israel-U.S Binational Industrial Research and Development Fund. Israel will also contribute $30 million to this fund. The money will be deposited in a bank in Israel and the interest derived from it will be used to operate the fund.
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