821.61/87: Telegram
The Secretary of State to the Ambassador in Colombia ( Lane )
818. Your telegram no. 889, May 22, 1 p.m. Following a detailed study of the Colombian agricultural plan by officials of the Department [Page 78] of Agriculture with Miguel López and his Colombian advisers, Mr. Pierson, President of the Export-Import Bank, informed López and the Colombian Ambassador on June 26 that he would recommend to the Trustees of the Bank the extension of a line of credit up to $10,000,000. If approved by the Trustees, as is expected, this credit may be drawn upon subject to the approval by the Bank of each project for which funds are desired.
Mr. Pierson will also recommend to the Trustees of the Bank the approval of a loan of $8,000,000 to the Government for road construction to be made available following the repayment by the Bank of the Republic of the balance of its approximately $8,000,000 loan now outstanding. The new loan would be an increase of the $12,000,000 loan extended in 1941.60
- For correspondence on the 1941 extension of credits by the Export-Import Bank, see Foreign Relations, 1941, vol. vii, pp. 55 ff.↩