Remarks Upon Signing the International Development Association Bill

I am very proud to sign this bill to authorize our country's continued participation in the International Development Association.

This legislation makes it possible for the United States to help an international institution which had its beginnings in the United States, has made it possible for other industrial nations to aid less developed countries, and is now performing its duties efficiently and successfully.

The United States governors of the Association will be authorized to vote for a proposed $750 million increase in the Association's resources. Our share of $312 million will be provided over a 3-year period. Other countries will put up more than $1.40 for every dollar the United States provides. This money will be used for easy term loans to important projects which the developing countries could not afford at regular commercial terms.

This action is one more milestone in our efforts to enlist the cooperation of free world countries in the common task of helping less fortunate nations to help themselves. It is also another milestone in our historic commitment to help other people lift from their weary shoulders the burdens of poverty and disease, illiteracy and hunger. We can no more accept a world in which we are surrounded by poverty than we can accept poverty within our own borders.

This is international sharing at its best, and a victory for the American people, for an effective foreign policy, and for common sense in our international relationships.

I want to thank each Member of the Congress who participated in successfully handling this legislation. I want to congratulate the Members of the Senate and the House who made this victory possible. You will be proud of this action in the days to Come.