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U.S. Approves $35,000,000 Loan to Israel; Repayable in Twenty Years

July 5, 1962
See Original Daily Bulletin From This Date

The United States Government has approved a loan of $35,000,000 for Israel from the Development Loan Fund, it was learned today.

The loan is to be used in the framework of the Israel development plan for the purchase of goods and services in the United States. Among the items to be financed under the loan are computers, steel, non-ferrous metals, trucks, construction equipment, chemicals, pharmaceuticals, plastics and other materials. The loan is for a period of 20 years at three-quarters of one percent interest with no repayment of principal for the first five years.

Meanwhile, it was made known that Israel Ambassador Avraham Harman has met with high Commerce Department officials to open negotiations on the cotton products quota question.

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