Memorandum Handed to the Cuban Ambassador ( Concheso ) by the Under Secretary of State ( Welles )

Following conversations over the past several months between Cuban authorities and officials of the United States Government, the Export-Import Bank has established a credit of $25,000,000 to be availed of by the Cuban Government to finance the purchase of materials, equipment and services required in the Republic of Cuba for agricultural development and diversification and public or other useful works projects, including irrigation systems, highways, and sanitation works throughout the Island of Cuba.

This commitment, which was made by the Executive Committee of the Export-Import Bank on May 1, is a further step forward in the development of a program of economic collaboration between Cuba and the United States.

Funds will be advanced under this credit as individual projects are studied and approved by the appropriate authorities of the two Governments. The precise terms of the arrangement will be worked out by representatives of the Cuban Government and the Bank.