818.51/1008a
The Under Secretary of State ( Welles ) to the President of the Export-Import Bank ( Pierson )
My Dear Mr. Pierson: Reference is made to conversations between officers of the Department and the Export-Import Bank regarding the request of the Government of Costa Rica for a credit of $2,000,000 to assist in the development of the resources, to stabilize the economy and to assist in the orderly marketing of the products of the Republic of Costa Rica.
The Department believes it desirable that every possible effort be made by the Export-Import Bank to meet the request of the Government of Costa Rica in order to assure economic and political stability in that country during this crucial period. The Department accordingly recommends that the Export-Import Bank consider favorably the extension of a credit directly to the Government of Costa Rica up to $2,000,000, of which $1,000,000 shall be available immediately upon approval of the credit by the Congress of the Republic of Costa Rica, the balance of the credit to be made available from time to time as mutually agreed upon between the Republic of Costa Rica and the Export-Import Bank. The Department feels that the credit should be amortized over a period of nine years as requested by the Government of Costa Rica.
Sincerely yours,
[A loan agreement in accord with the terms described in telegram No. 264, June 27, 3 p.m., to the Minister in Costa Rica, printed on page 251, was signed on July 9, 1942, by Luis Fernández, Costa Rican Minister in the United States, on behalf of Costa Rica, and Warren Pierson on behalf of the Export-Import Bank.]