821.61/111: Telegram

The Secretary of State to the Ambassador in Colombia ( Lane )

1122. Reference Department’s cable no. 1104 of September 2, 10 p.m. The Export-Import Bank is now informed by the Colombian Embassy [Page 80] that the decree law was signed August 14 to provide for the utilization of credit through the Caja de Crédito, such decree having been predicated upon existing legislation. Accordingly, the Export-Import Bank will waive the preliminary legal opinion but, after the contract is in final form and has been signed,64 will require satisfactory legal opinion in accordance with provisions of Article 13 of the draft of the proposed contract.

Hull
  1. The contract which was signed on December 30, 1943, provided for a credit of $10,000,000 for the Caja de Crédito to be used for the purchase of equipment, tools, materials, and services from suppliers not on the Proclaimed List and for projects approved by the Bank. Repayment was to be made in 20 equal installments, semiannually, with interest at 4% guaranteed by the Republic.