Congress looks to extend Israel's loan guarantees

March 17, 2012 01:39

WASHINGTON – The top members of the House Foreign Affairs Committee on Friday filed legislation to extend Israel’s loan guarantees.

The bill, widely expected to pass, would give Israel until 2015 to use $3.8 billion in guarantees left over from the original $9 billion in guarantees granted in 2003.

“We in Congress continue to stand with Israel to help safeguard its financial security,” said Howard Berman, HFAC ranking member, in a statement announcing the filing of the legislation. “Just as we are committed to ensuring Israel’s qualitative military edge, we must do what we can to protect Israel’s economic strength so it is able to address the many security threats it currently faces.”

Even if Israel doesn’t take advantage of the loan guarantees, having the backing of the United States helps the country obtain favorable rates on money it borrows internationally, serving as an important economic boost.

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