An allocation of $2,600,000 in United States and Israeli currencies, to help finance the modernization of Lydda International Airport in Israel, was jointly announced today by the U. S. Export-Import Bank and the Development Loan Fund. The modernization program will put Lydda Airport on a par with the world’s greatest airports.
(A special runway, 2,900 yards in length, was completed at Lydda Airport today, to provide landing space for jet planes, it was officially announced in Jerusalem. The runway will be lengthened still further, by an additional 325 yards, to enable jets to take off with full loads of fuel.)
The Export-Import Bank will furnish $1,500,000 of the cost in dollars, while local costs will be covered by 2,000,000 Israel pounds ($1,100,000) drawn from repayment of previous Development Loan Fund allocations to Israel. This is the first time the Fund has used its authority to re-lend funds.
The Export-Import Bank loan will be used to purchase in this country, such equipment as beacons and related auxiliary equipment for instrument lighting systems, high frequency equipment, receiving apparatus, control tower equipment, radio teletype equipment, VHF radio links for remote control and marker control, testing equipment, multipurpose radar equipment, runway and traffic way lights, diesel generators and cables.
The DLF loan will be used to meet local costs of buildings and structures, access roads and electrical and other installation work. Lydda Airport is used by 11 airlines.
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