Search results
Results From The WOW.Com Content Network
The Marshall Plan, just as GARIOA, consisted of aid both in the form of grants and in the form of loans. [110] Out of the total, US$1.2 billion were loan-aid. [111] Ireland which received US$146.2 million through the Marshall Plan, received US$128.2 million as loans, and the remaining US$18 million as grants. [112]
The Economic Cooperation Administration (ECA) was a U.S. government agency set up in 1948 to administer the Marshall Plan. It reported to both the State Department and the Department of Commerce. The agency's first head was Paul G. Hoffman, a former leader of car manufacturer Studebaker; he was succeeded by William Chapman Foster in 1950. [1]
George C. Marshall. On 5 June 1947, George C. Marshall, at the time Secretary of State of the United States of America, gave an address at Harvard University in Cambridge, Massachusetts, where he proposed a plan to aid European recovery after the events of World War II, in the form of financial and economic assistance from the United States.
The aid received by Germany through GARIOA was, just as the later Marshall Plan aid (starting 1948), charged to the Germans. By 1953 West Germany's combined GARIOA and Marshall Plan debt was over $3.3 billion. It was however decided in 1953 that West Germany only had to repay $1.1 billion. The amount was repaid by 1971.
Compared to America's 1948 GDP of $258 billion and total Marshall plan expenditure (1948-1952) of $13 billion, of which Germany received $1 billion in loans and $400 million as a grant). The US competitors of German firms were encouraged by the occupation authorities to access all records and facilities. [32]
The investment of these funds can take the form of loans rather than grants, creating a permanent pool of investment capital. For instance, Germany's Marshall Plan counterpart funds were used to set up such an investment fund, and it is still in operation today.
Collectors avidly seek out original Apple-1 units, especially those in working condition or with their original packaging. These rare pieces can get a whopping $220,000 at auctions, which is a ...
[1] [2] For U.S. foreign policy, it was the first U.S. military foreign aid legislation of the Cold War era, and initially to Europe. [3] The Act followed Truman's signing of the Economic Cooperation Act (the Marshall Plan), on April 3, 1948, which provided non-military, economic reconstruction and development aid to Europe.