821.51/2466: Telegram

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

61. Department’s telegram No. 46, March 5, 5 p.m. Jaramillo today gave me copy of memorandum being sent to Colombian Embassy, Washington, which will be forwarded first air mail to the Department.

He states a $10,000,000 long-term loan is desired from Export-Import Bank to Colombian Government which would be apportioned $5,000,000 to Bank of the Republic, thus reenforcing reserves and easing exchange control restrictions to the benefit of American exporters both in prompt payment and increased exports to this country. A portion of this would be used under strict supervision for agriculture development; $1,385,000 for railroad construction; $1,715,000 railway equipment; $1,006,000 highway construction and $300,000 equipment therefor. Government hopes later, as outstanding indebtedness to Export-Import Bank is repaid by other countries, Colombia may obtain additional assistance.

Braden