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Germany Promises Credits to Syria; Will Discuss Investments

March 12, 1962
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West Germany has promised to provide up to 40 percent of a $40,000,000 standby credit to be granted Syria through the International Monetary Fund, a spokesman for the West German Economics Ministry announced here today. He said meetings between the two governments would take place soon to discuss investments and technical and economic cooperation.

(The IMF announced in Washington, meanwhile, that it had authorized the United Arab Republic to purchase $7,500,000 in foreign currency with its own currency. The drawing was the second to be authorized for the UAR by the Fund in the last two months. Last January, the UAR was authorized to draw $22,500,000 in foreign currency.)

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