ASIATIC COUNTRIES SEEKING U.S. AID LIKE EUROPE

Grey River Argus, 1 October 1948, Page 5

ASIATIC COUNTRIES SEEKING U.S. AID LIKE EUROPE

NEW YORK, Sept 29. The “Wall Street Journal” says.— Far Eastern countries, headed uy India, China, and the Philippines are now working on proposals for a ‘Marshall Plan’ for Asia. When the plan is finally hammered out, these nations will ask the United States for thousands of millions oi dollars in aid. “The project aims at increasing industrialisation of the East, except Japan. A spokesman for the nations concerned is reported to have already approached the U.S. State Department for aid. The department has advised them not to expect a gift from Congress, but t 0 open up their doors to private investor? and private bankers for a sizeable chunk of what they need. State Department officials suggested that they apnroach the International Bank and the Export-Import. Bank for the remainder, when the proposals have been worked out. . ■ “Areas participating in the plan, in addition to the three already mentioned, are reported to be Pakistan, Burma, Indonesia, Indo-China, Hong Kong, Singapore Siem, north Borneo, Brunei, Sarawak, Ceylon, Johore, and Penang.”