U.S. Gives Egypt $57, 700, 000 in Surplus Wheat; More Aid Due
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U.S. Gives Egypt $57, 700, 000 in Surplus Wheat; More Aid Due

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The United States has signed an agreement with the Government of the United Arab Republic under which the latter will receive about 29, 400, 000 bushels of American surplus wheat and flour costing $57, 700, 000, it was announced here last night by the Department of Agriculture. State Department sources indicated today that other American aid to the Nasser Government will be forthcoming.

The surplus food will be paid for in Egyptian pounds under Public Law 480. About 25 percent of the Egyptian currency will be set aside for loans to American and other private business enterprises in the United Arab Republic. The loans will be made through the Export-Import Bank. The State Department sources said that, in this way, the UAR can use the local currency generated by the purchase of the surplus wheat to improve its economy and raise living standards.

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