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News Brief

August 22, 2003
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Israel and the United States signed a $9 billion loan guarantee Wednesday. The agreement is expected to give Israel’s ailing economy a much-needed boost. It will allow Israel to borrow $9 billion on the world market, with American guarantees as collateral. However, the United States demanded that the money go to projects in Israel proper, not to settlements in the West Bank or Gaza Strip. For every dollar spent in the West Bank or Gaza, a dollar will be deducted from the loan. Israel intends to borrow some $3 billion immediately.

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