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The Secretary of State to the Minister in Costa Rica (Scotten)
264. The Export-Import Bank has offered to lend Costa Rica $2,000,000 to stabilize its economy and the orderly marketing of its products, of which $1,000,000 will be available immediately and the balance as mutually agreed prior to December 31, 1943. The interest rate is to be 4%. The loan is to be amortized in six 5% semiannual installments, beginning 30 months from date; four 7½% semi-annual installments, beginning 66 months from date; and four 10% semi-annual installments, beginning 90 months from date and terminating 108 months from date. The service is to be secured by the cigarette tax. The loan must be approved by the Congress of Costa Rica. The Costa Rican Minister here is transmitting this offer to his Government.