The United States Agency for International Development reported today that Israel has concluded loan agreements with the United States, totaling nearly $219, 300, 000 since its creation as a State. Of this sum, loan grants totaling nearly $170,600,000 have already been disbursed.
The figures include loans made under the Economic Cooperation Act of 1948, the Marshall Plan; the Mutual Security Programs, including the former Development Loan Fund; the local currency provisions of Public Law 480; and the Foreign Assistance Act of 1961, which created AID.
Under the foreign aid legislation, the U.S. lends dollars to provide foreign exchange to countries being granted economic assistance. The local currencies loaned under Public Law 480 represent part of the proceeds from the sale of U. S. agricultural commodities to recipient countries. Most of the loans are made on a long-term basis–up to 40 years–and customarily contain grace periods during which no payments are required.
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