ABSTRACT
The definitive founding of the European Recovery Program (ERP) Fund occurred in 1962 with the passage of the ERP Fund Act. Before this legislation could be put into law, however, the power of disposal over ERP funds, which had been held by the American government since the initiation of Marshall Plan aid to Austria in 1948, had to be conveyed to the Austrian government. In July 1962, in accordance with the provisions of the ERP Fund Act, the federal government approved the first ERP annual program, and named the members of both the ERP Credit Commission and the individual expert commissions. The few small credits that have been granted since the establishment of the ERP Fund were, those made to farming operations in the 1950s. The ERP credits granted in conjunction with the special regional programs included especially favorable conditions in order to strongly stimulate investment in the disadvantaged regions.
