Miscellaneous - This Day That Age   

dated December 25, 1958: American aid

The United States Development Loan Fund and the Government of India signed agreements in Washington on December 24 making available an additional $100 million of DLF Funds to assist India finance the foreign exchange costs of public and private economic development projects in connection with the Second Five-Year Plan. The signing was the culmination of negotiations in progress for several months. In a formal ceremony, the agreements were signed on behalf of the United States by Dempster Mclntosh, Managing Director, DLF, and by Mr. M.C. Chagla, Ambassador, on behalf of the Government of India. The agreements bring to $175 million the aggregate of DLF loans signed this year to help India’s Second Five-Year Programme. Agreements for DLF loans totalling $75 millions were signed on June 23 in Washington and New Delhi as part of a $225 million U.S. loan, which included a $150 million Export-Import Bank loan signed on last June 12.

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