800.51 W89 U.S.S.R./131: Telegram
The Ambassador in the Soviet Union (Bullitt) to the Secretary of State
[Received 3 p.m.]
329. Continuing my 328.
The Government of the United States agrees to make available during the period of 12 years for the financing of purchases in America by the Soviet Government or its agencies credits of $200,000,000 in the form of a revolving fund in the Export-Import Bank to be used in the following manner.
After the Bank has approved a specific transaction the Bank on the basis of an Amtorg acceptance for the amount involved will pay the American exporter cash up to 75 percent of the total amount of the transaction. Amtorg acceptances held by the Bank will bear an interest rate of 10 percent per annum, the maturities of such acceptances will vary according to different categories of goods with final maturity in no case to exceed 5 years.
The Soviet Government agrees to keep this credit continuously utilized to 90 percent of the total amount.
In consideration of the foregoing the Government of the United States and the Government of Union of Soviet Socialist Republics agree mutually to waive all demands or claims of each country and/or its nationals against the other.
I should be greatly obliged if the Department would let me know if there might be any possibility of agreement along this line.