Canada at War: Reconstruction Loan

While Washington last week hemmed & hawed over the problem of helping the world’s devastated countries to reconstruct themselves, Ottawa launched its own scheme. Finance Minister James Lorimer Ilsley announced a $15,000,000 credit agreement with Czechoslovakia. It was the first loan under the Dominion’s new Export Credits Insurance Act.

Czechoslovakia will have to use the money to purchase supplies in Canada, will have to repay the loan, plus 2½% interest, within five to nine years.