Miscellaneous - This Day That Age   

dated June 25, 1958: American aid to India

India became the first recipient of a loan from the U.S. Development Loan Fund when two agreements were signed on June 23, one in New Delhi and the other in Washington, covering a loan of $ 75 million to India. Out of the total, an agreement for $ 35 million was signed in New Delhi by the Union Finance Minister, Mr. Morarji Desai, and the U.S. Ambassador, Mr. Ellsworth Bunker. As already agreed, $ 25 million out of the sum will go to road transportation schemes, $ 5 million to the cement industry and $ 5 million to the jute industry. The agreement for the balance of 40 millions, which will be utilised for the Indian Railways, was signed in Washington by Mr. H. Dayal, the Indian Charge d’Affaires, and Mr. Dempster McIntosh, Manager of the Development Loan Fund. The purpose of the loan is to assist on the basis of self-help and mutual co-operation, the efforts of free peoples to develop their economic resources and to increase their productive capacities.

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