As of the start of February. counterpart fund projects. calling for the expenditures equivalent to approximately $1.750.000.000. ur almost 60 percent of the total. was for use in the promotion of production. Use of over $500.000.000 was approved for reduction of national debt. The remaining 11 percent of the total approvals were for such purposes as the construction of housing facilities and for special projects. such as the care of refugees. Five percent of the counterpart deposits in each country are reserved solely for the use of the United States. From this 5 percent of the funds the ECA pays the local currency expenses of its missions abroad. and also makes purchases of and initiates projects for the development of strategic materials.
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refugees