Word: eca
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Dates: during 1950-1959
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Yielding a point himself, Rayburn offered a compromise. Instead of an outright gift, the U.S. would lend India $190 million on easy terms to buy the necessary 2,000,000 long tons of grain. The terms would be left up to ECA (probably 35 years to pay at 2½% interest), and India could repay the loan in strategic materials such as monazite (a source of fissionable thorium), jute and manganese...
...encourage U.S. investment abroad, the Economic Cooperation Administration provides that any profits earned in Marshall Plan nations may be converted into dollars. Last week, to lure still more foreign investments, ECA boldly broadened its insurance. It announced that in the future, for a yearly fee of 1% of the amount involved, it will insure U.S. business ventures in Marshall Plan countries against expropriation (but not against war damage or normal business risks...
Concert of Europe (Sun. 5 p.m., ABC), tape-recorded in Paris, is being broadcast in the U.S. by ECA to promote both the tourist industry and international good will. Concert features Actor Claude (The Happy Time) Dauphin as M.C., a French orchestra of impressive musicianship and a new conductor each week from one of the 18 Marshall Plan countries. The first: Switzerland's Otto Osterwalder...
Millions of Refugees. Some of the textile mills-brightest feature of the present industrial picture-are humming, but they are wholly dependent on ECA cotton imports. They produce only for the R.O.K. forces, bypassing civilian markets. Even so, they cannot provide all that the South Korean units need; the rest of their clothing is a gift...
...board proposed the creation of a massive Overseas Economic Administration, to absorb ECA and all foreign-aid programs now scattered among 23 U.S. agencies. It proposed the appropriation of $500 million for OEA to spend on aid projects-railways, harbors, irrigation, health, training programs. It also proposed a $200 million U.S. contribution to a $500 million International Development Authority for the construction of public works...