The Treaty of Madrid or 'Pact of Madrid' was signed in 1953 by Francisco Franco and US President Dwight Eisenhower. For Spain, the Treaty meant the end of years of diplomatic isolation following the Second World War. Spain had previously been excluded from the United Nations and unable to receive Marshall Aid due to Francisco Franco's close relationship with the Axis Powers during WW2. The Treaty granted Spain more than $1 billion worth of US loans and investment in return for allowing the US to set up military basis on Spanish territory. In 1955, Spain was admitted into the United Nations thanks to US support.