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    "localId": "269702218",
    "label": "Correspondence Between President Harry S. Truman and Robert Lovett",
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    "contentType": "document",
    "title": "Correspondence Between President Harry S. Truman and Robert Lovett",
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        {
            "logicalDate": "1948-08-01",
            "month": 8,
            "year": 1948
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    "ocrText": "-2-\nthe Arab Governments would undoubtedly charge that economic\naid to Israel by the United States would materially upset\nthe balance of military advantage in favor of Israel and\nwould thus alter the basis of the existing truce which\nwas ordered by the Security Council on July 15, 1948.\nFrom the economic aspect, the Department is informed\nby Mr. Epstein that the basis for repayment of the $100 mil-\nlion loan would largely be contributions from private sources\nto the Provisional Government of Israel, which in turn would\nmake available these contributions for the service of the\nloan. The soundness of the loan must be assessed in con-\nnection with the fact that the State of Israel is, in ef-\nfect, in a state of war and that a resumption of hostilities\nwould render promises to pay almost meaningless. Accord-\ningly, from the strictly banking aspect, the loan presents\ngreat difficulties to the Export-Import Bank.\nThe Export-Import Bank has had numerous discussions\nwith the representatives of Israel, and Mr. Martin notified\nMr. Epstein on July 26 that II\nreports reaching me do\nnot appear to warrant at this time active consideration by\nthe Export-Import Bank of the credit application\nAlthough the Department of State does not believe that\na flat $100 million loan should be made to the State of\nIsrael at this time, it is suggested that Mr. Epstein be\ninformed by us that the Export-Import Bank will be prepared\nto consider specific projects for which a loan might properly\nbe granted and for which assurance of repayment and service\ncould be provided on sound banking principles.\nI thought it advisable to seek your approval of this\nrecommended position since Mr. Epstein and Dr. Weizmann\nhave previously discussed the loan application with you.\nRusthat ARCAIVES AND service\ncommon"
}