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US extends $4bn Israel loan program

Al Akhbar | October 25, 2012

The United States agreed on Wednesday to extend its $4 billion loan guarantee program to Israel until 2016, a gesture that shows continued commitment to the Jewish state less than two weeks before the American presidential elections.

The move allows the United States to provide up to $3.8 billion in future loan guarantees, as part of a $9 billion commitment made by the US in 2003.

The program was meant to expire this year.

The American Secretary of the Treasury Timothy Geithner and Doron Cohen, the director general of the Israeli finance ministry, signed the agreement during a US-Israel Joint Economic Development Group meeting in Washington, according to Israeli newspaper Haaretz.

“The loan guarantees agreement attests to the special economic relationship between Israel and US,” said Yuval Steinitz, Israel’s finance minister.

“I welcome the growing cooperation between the two countries, especially their treasuries,” Steinitz added while thanking Geithner.

The loan guarantees are independent of $10 billion in annual US military assistance to Israel and joint US-Israel missile defense projects. In 2007, US President George W. Bush agreed to a 10-year military aid package costing $30 billion.

According to a March 2012 report by the Congressional Research Service, Israel is “the largest cumulative recipient of US foreign assistance since World War II.” The report alleges that Israel had received $115 billion from the United States to date, most of it in the form of military assistance.

The report also stated that US financial assistance to Israel is typically delivered within the first 30 days of the fiscal year, whereas most other recipients receive aid in installments.

Scandal surfaced in Washington earlier this month after 15 church leaders sent a letter to Congress asking for an investigation to ensure American military aid to Israel was not used to commit human rights violations against Palestinians.

The Jewish Council for Public Affairs responded by canceling a long-planned interfaith meeting and by issuing an outraged public statement, in which JCPA President Rabbi Steve Gutow accused the enquiry of being part of “relentless attacks on the Jewish state” and a sign of “vicious anti-Zionism that has gone virtually unchecked in several of these denominations.”

Presidential incumbent Obama and his contender Mitt Romney have competed in displays of loyalty to the Jewish state over the course of the election campaigns, mentioning Israel dozens of times during the last presidential debate on Monday, which centered on foreign policy. The debate was devoid of criticism of Israel’s repeated human rights abuses against Palestinians.

Obama has hailed Israel as “a true friend and our greatest ally in the region,” later adding that he “will stand with Israel if they are attacked.” Meanwhile, Romney has expressed similar sentiments, his website going so far as to call Israel “a beacon of democracy and freedom in the [Middle East].”

October 25, 2012 - Posted by | Ethnic Cleansing, Racism, Zionism, Illegal Occupation | , , , , ,

5 Comments

  1. […] continue reading […]

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    Pingback by US extends $4bn Israel loan program « The Ugly Truth | October 25, 2012

  2. US throws money away on the biggest terrorist nation on the planet.
    US pays the New Bolsheviks with US tax dollars.
    US pays its extortion payment.
    Take your pick……

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    Comment by amerikagulag | October 25, 2012

  3. Two weeks after the EU increases its economic relations with Israel, the US sends billions of dollars to Israel. Israel remains in violation of UN resolutions and has committed numerous human rights violations. Israel is the funnel through which the wealth of the Arab nations is drained to maintain peace and western economic hegemony.

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    Comment by Ribeekah | October 25, 2012

  4. $115 billion to date. this would be for FY 2012

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    Comment by 5 dancing shlomos | October 26, 2012

  5. “Israel is the largest recipient of the US foreign aid”. Israel is the largest thief, a lier, a murderous entity, the eternal parasite that has lived like that for hundreds of years. While the citizens of the US are loosing their homes, their jobs, their medical care and the cost of living has skyrocketing in the last 8 years. And when many Americans live in tents outside the cities and under the bridges and they do not give raises to the Social Security ( money that was taken from us for many years) and are threatening us with taking medicare out of the back of the US government, they give Israel tens of billions of the US taxpayer’s money for them to attack it’s neighboors and treat the Palestinians worse than dogs.

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    Comment by Isaac | October 27, 2012


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