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Last updated at: (Beijing Time) Wednesday, November 26, 2003

US cuts loan guarantees to Israel over settlement

The United States decided on Tuesday to cut its loan guarantees to Israel by 289.5 million US dollars to show its displeasure over Israel's continued settlement activities in occupied Palestinian land, especially the building of a so-called security wall in the West Bank.


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The United States decided on Tuesday to cut its loan guarantees to Israel by 289.5 million US dollars to show its displeasure over Israel's continued settlement activities in occupied Palestinian land, especially the building of a so-called security wall in the West Bank.

The deduction was finalized after a White House meeting between President George W. Bush's National Security Adviser Condoleezza Rice and Dov Weisglass, chief of staff for Israeli Prime Minister Ariel Sharon, reports here quoted informed sources as saying.

The sources also indicated that additional cuts could be made in the future from the 9 billion dollar package of US loan guarantees Israel is due to receive over three years.

The first deduction of the 289.5 million dollars will be made from the 1.4 billion dollars US loan guarantees due this year, the report said.

US National Security Council spokesman Sean McCormack said the US-Israeli agreement over the deduction "acknowledges US policy concerns and US law regarding activities in the West Bank and Gaza" and is "a reflection of close and continuing consultations between our two governments."

Under relevant US laws which established the 9 billion dollar loan guarantees, Israel should not use the money for activities onoccupied Palestinian land.

The Bush administration first announced the consideration of possible reduction in loan guarantees to Israel in August, after repeatedly expressing concerns over Israel's insistence on building the controversial security wall in the West Bank.


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