818.51/985: Telegram

The Secretary of State to the Minister in Costa Rica (Scotten)

195. Your 224, May 6, 7 p.m. Please inform the Costa Rican Finance Minister that in lieu of the line of credit offered to Banco Nacional de Costa Rica outlined in Mr. Pierson’s28 letter of April 20 to the Finance Minister the Bank is prepared to extend a credit up to One Million Dollars to the Government of Costa Rica such credit to be repayable in installments over a period of 9 years. Interest shall be at the rate of 4 percent per annum and loans shall be secured by taxes presently unencumbered and not pledged. Such line of credit if established would be available to the Government of Costa Rica upon compliance by it with the necessary legal formalities.

In addition please inform the Costa Rican Government that the United States is prepared to make available to the Costa Rican Government the services of one or two experts on taxation and currency problems if the Costa Rican Government so desires and requests their services.

Hull
  1. Warren Lee Pierson, President, Export-Import Bank of Washington.