U.S. Export-import Bank Mission Leaves for Israel Today; Loan Expected
Menu JTA Search

U.S. Export-import Bank Mission Leaves for Israel Today; Loan Expected

Download PDF for this date

A mission from the U.S. Export-Import Bank will leave tomorrow for Israel to carry out technical and economic surveys of existing projects assisted by bank loans in that country and to study plans and resources for further Israeli development proposals.

Israel has requested an additional $75,000,000 loan to finance purchases in the United States of equipment to assist in further irrigation and agricultural settlement programs. Upon the mission’s return, and based upon its findings, the Export-Import Bank will give final consideration to the question of financing under the pending Israeli loan request.

The bank loaned Israel $135,000,000 in 1949 to finance purchases within the United States required for irrigation and agricultural settlement, industrial projects, and transport designed to contribute to the country’s economic development and eventual self-support. Repayments on these loans commenced in 1954 and total $21,900,000 to date.

Bank representatives have not visited Israel since 1953. The present mission is composed of Lynn U. Stambaugh, first vice president and vice chairman of the board of directors; William G. Welk, an economist of the bank; Frank Kimball, an engineer, and Oliver J.Scherer, a ground water geologist serving as a consultant.

Founding Funders

The digitization of the JTA Archive would not have been possible without the generous support of the following donors:
  • The Gottesman Fund
  • Righteous Persons Foundation
  • Charles H. Revson Foundation
  • Elisa Spungen Bildner and Robert Bildner, in honor of Norma Spungen
  • George S. Blumenthal
  • Grace and Scott Offen Charitable Fund