837.51 Cooperation Program/109: Telegram
The Acting Secretary of State to the Ambassador in Cuba ( Messersmith )
168. Your despatch no. 2266 of June 27, 1941 and personal letters to the Under Secretary, Bonsal and Pierson. The Department and the Export-Import Bank do not believe that any confidential notes regarding the period of amortization are desirable. The Department has consequently recommended that the Export-Import Bank fix a definite period, and the Executive Committee of the Export-Import Bank today approved the acceptance of notes payable 15 years from the date of each advance, to be amortized 5 percent annually for 10 years and 10 percent annually for the succeeding 5 years. The Bank will endeavor to work out a formula to provide for an average maturity date which will result in giving Cuba a total of some 17 to 18 years from the inception of the credit to liquidate it. The Export-Import Bank finds it impracticable to extend a straight 20–year credit.
Please inform the appropriate Cuban authorities.