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THE WORLD | IN BRIEF / WASHINGTON, D.C.

U.S. Reducing Loan Guarantees for Israel

November 26, 2003|From Times Wire Reports

The Bush administration decided to reduce U.S. loan guarantees to Israel by $289.5 million to signal disapproval of Israeli actions in the West Bank. The cut will be made from $1.4 billion in U.S. guarantees due this year, the Israeli Embassy said in Washington.

The guarantees are designed to help the battered Israeli economy by making it easier for the nation to borrow money at favorable rates.

No reason was given, but the cut was believed to reflect U.S. displeasure with Israel's settlement activity and construction of a security barrier that cuts into the West Bank.

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