Britain Guarantees Israel Export Credit
Valued at $14 Million; Romania Signs
S40 Million Economic Exchange Pact
(Direct JTA Teletype Wire
to The Jewish News)
the 5.000.000 British credit could
be made for British investment
outside that limitation. Such proj-
ects, he said, have been envisaged
not only for African, Asian and
Latin American countries but also
for East European lands, He cited
The credit will go to the indus- as an example the Israeli-
trial development bank of Israel. Romanian trade agreement just
The board of trade stated in its signed in Bucharest.
announcement that the loan had
The minister said he hoped
been granted after the visit here
the British loan credit would
of Israel's minister of commerce
be "only a beginning." Israel,
and industry, Zeev Shareff, "as a
he said, is now embarking on a
guest of the British government."
five-year plan of industrial and
LONDON—The British Board of
Trade here announced Monday that
it has guaranteed for Israel an
export credit totaling 5,000,000
pounds sterling (S14,000,000).
Shareff announced the conclu-
sion of his visit to Britain, which
he called "successful" and, in a
separate communique, spelled out
the terms of the credit. "The ex-
port credit guarantee department
of the board of trade," the com-
munique stated, "is being estab-
lished in London by S. G. Warburg
Co., Ltd., in conjunction with a
consortium of banks. The credit
will be available for contracts for
capital plant and machinery of
1,250,000 pounds sterling or more
($3,500,000)."
The Israeli minister told the
Jewish Telegraphic Agency that
interest on the loan was fixed at
five and one-half per cent, that
there was a two-year limit for Is-
rael to make use of the fund and
that the period of repayment
would be 10 years from the day
the contract is to be signed.
Shareff said part of the loan
may be used for bulk purchases
of plant and machinery of a
value of not less than 100,000
pounds sterling ($280,000) and
the time limit for such purchases
would be different.
agricultural expansion with a
total investment of 350,000,000
pounds sterling ($728,000,000)
of which 13,000,000 pounds ster-
ling ($36,400,000) would be in
foreign investments.
Regarding an agreement made
here for technological cooperation,
the Israeli cabinet member said,
Euromart Commission
Issues Report on Israel
BRUSSELS (JTA) — The Com-
mission of the European Econo-
mic Community has issued a pre-
liminary report on its exploratory
talks with Israel on Israel's bid
for an associate status with the
six-nation European Common Mar-
ket.
The report reviewed the history
of Israel's initial and current re-
lationship with Euromart, which
expires next June 30.-and Israel's
hid for associate membership,
similar to that given to Greece. It
'
was understood that a full report,
containing proposals on future re-
lations between Israel and Euro-
mart. is in preparation and is ex-
pected to be finished by the be-
ginning of next month.
During his visit to this country,
Shareff also met with Anthony
Wedgewood Benn, minister of
In a related development the
technology. They agreed, Shareff
EEC Council of Ministers was
said, that representatives of their
reported to have made a number
respective ministries meet and en-
of decisions, at a meeting here,
gage in discussions of the areas
on its scheduled negotiations
and means by which technological
with
Spain for an associate sta-
collaboration between Israel and
tus agreement. It was under- -
Britain might be most effectively
stood that the council has not as
developed.
yet made a decision on inclusion
The Israeli said he had found a
in the proposed agreement on
"friendly response" from the Brit-
Spain's citrus fruits.
ish leaders, "both on the official
These develOpments were closely
and the private levels." During his
visit, he also went to Scotland, watched by Israeli observers here
where, Shareff said, he had made because any tariff concessions or
valuable contacts and found that other trade preferences accorded
the Scottish industrial estates held to Spain would amount to direct
sonic useful examples for Israel. discrimination against citrus fruit
He said the Glasgow Chamber of exports from Israel.
Such changes would in turn im- ,
Commerce would send a trade
mediately influence citrus sales in
mission to Israel next year.
Shareff discussed here a possi- the markets of the EEC member
ble joint British-Israeli project in states, particularly West Germany
other countries and said that, in and the Benelux countries (Bel-
the event such cooperation de- gium, Netherlands and Luxem-
veloped, arrangements similar to bourg).
DAWN!
desalination of seawater was one
of the envisaged joint. British-
Israeli projects. He added that no
military , purchases were involved
in any of the agreements made
here during his visit.
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JERUSALEM (JTA) — IsrJ
and Romania have agreed, i a
new pact for economic exchanges
Sunday in Bucharest, to raise their
annual trade to S-10.000,000 an-
nually, both ways, it was an-
nounced here by Pinhas Sapir,
Israel's minister of finance. Until
now, their total trade had amount-
ed only to 55,000,000,
Sapir returned here Sunday
night after signing the agreement
on behalf of Israel, while Ro-
mania's minister for foreign
trade, Gheorghe Cioara, signed
for the Bucharest government.
Under the pact, Sapir said, Is-
rael will export to Romania cit-
rus fruit, textiles, chemicals,
pharmaceuticals and other indus-
trial products. In turn, Israel ,
will buy from Romania wood,
meat, sugar and metals.
Sapir disclosed also that. under
the agreement, each of the coun-
tries will help the other sell its
products in third countries. This
point was seen here as meaning
that East European markets may
now be opened to Israeli export-
, ers. The pact also provides that
Israel would help Romania to
establish a factory for producing
canned, kosher meat.
Under the scientific exchange
clauses, both countries will co-
1 operate in a number of scientific
areas, mainly concerning the petro-
chemical industry.
The two governments will estab-
lish a joint committee for mutual
cooperation to supervise imple-
mentation of the entire agreement.
Israel will open a special economic
office in Bucharest, in addition to
its present legation.
The Israel Cabinet met in spe-
cial session to hear a report on
the new trade agreement and ap-
plauded the achievement of the
first trade agreement with an East
European country,
The Ministers asked for the spe-
cial meeting because the cabinet
normally would not meet while
parliament is in recess, as it is
now for Passover. The ministers
sought a first-hand account of the
talks from Sapir,
THE DETROIT JEWISH NEWS
16—Friday, April 21, 1967
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