Editorial Note
On January 18, 1951, the Executive Directors of the International Bank for Reconstruction and Development approved an additional credit of $15,000,000 to the Brazilian Traction, Light and Power Company, Ltd. (832.10/1–1751), which augmented a previous credit of $75,000,000 to finance most of the foreign exchange costs of a program for expanding hydroelectric generating and transmitting facilities in the Rio de Janeiro and São Paulo areas. For further information on these loans, see International Bank for Reconstruction and Development, Sixth Annual Report to the Board of Governors 1950–1951 (Washington, 1951), page 32.
On February 8, 1951, the National Advisory Council approved consideration by the Board of Directors of the Export-Import Bank of a credit up to $30,000,000 to the Sociedade Brasiliera de Mineracao Ltda. (Sobramil), a Brazilian company jointly owned by six Brazilian citizens (Chamma brothers) and the United States Steel Corporation, to finance the acquisition and installation of the equipment and facilities required to mine and to deliver to an ocean port 3,000,000 [Page 1189] tons of Urucum manganese ore over a period of 12 years (Department of State National Advisory Council Documents, Document No. 88, Action No. 452, February 8, 1951, Lot 60 D 137, Box 369). The Bank did not regard a guaranty by the Brazilian Government as necessary, but it required a statement from the government indicating that there were no objections to the proposed loan or to the execution of the project as planned. The Brazilian Government withheld its approval, however, and the loan did not become effective during 1951. Pertinent documents are in Department of State decimal files 103–XMB and 832.10.
On December 5, 1951, the Board of Directors of the Export-Import Bank authorized a line of credit not to exceed $5,000,000 in favor of Cia. Brasiliera de Ligantes Hidraulicos to assist in financing the purchase of materials and equipment in the United States for construction of a cement plant in Brazil. For information on this loan, see Export-Import Bank of Washington, Thirteenth Semiannual Report to Congress for the Period July–December 1951 (Washington, 1952), pages 13, 34