The President of the Export-Import Bank ( Pierson ) to the Haitian Secretary of State for Finance ( Lacroix )

My Dear Mr. Secretary: Confirming our recent conversations, we wish to inform you that this Bank is prepared to establish a line of credit of $500,000 available to the Republic of Haiti through the facilities of the Banque Nationale de la Republique d’Haiti to assist the Republic of Haiti in the stabilization of its finances and in the maintenance of a supply of dollar exchange essential to its economy. The granting of this credit is premised on the understanding that the present budget of your Government will not be increased while this credit remains available and that advances will be made in each instance upon the request of your Government supported by information indicating a situation requiring utilization of the credit.

Each advance under the credit will be evidenced by the promissory note of the Banque Nationale de la Republique d’Haiti bearing the [Page 477] unconditional guarantee of the Republic of Haiti. Each note will bear interest at the rate of 3.6% per annum and will be payable within five years from the date thereof in ten approximately equal semiannual installments.

The credit will be available until September 30, 1943 but it is understood that the unused portion thereof will be subject to cancellation by this Bank at any time upon ten days’ notice.

A brief contract covering the above points, together with certain provisions consistent therewith and customarily included in our agreements, will be transmitted to your Government within a few days.

Will you kindly convey to your President my highest personal regards and best wishes.


Warren Lee Pierson

[For text of the agreement between the United States and Haiti arranging for extension of credit to Haiti effected by exchange of notes signed at Washington, September 17 and 21, 1942, see Executive Agreement Series No. 290, or 56 Stat. (pt. 2) 1830.

For text of the supplementary agreement between the United States and Haiti extending the moratorium on the payment of amortization charges on the Haitian debt, signed at Port-au-Prince, September 30, 1942, see Executive Agreement Series No. 299, or 56 Stat. (pt. 2) 1862.]