837.51 Cooperation Program/217
The President of the Export-Import Bank ( Pierson ) to Mr. J. A. Wigmore 15
Dear Mr. Wigmore: Acknowledgment is made of your letter of September 916—which was delivered to this office by Leslie Garnett, [Page 256] Esquire,17 on September 17—regarding your interest in financing the rehabilitation of the waterworks system of the City of Havana, Cuba, in a sum not to exceed $15,000,000.
The project to which your letter has reference is one upon which the Export-Import Bank has been working for several years. We have practically reached an agreement as to the terms and conditions of the proposed financing. These naturally involve certain commitments regarding engineering and supervisory services. Mayor Menocal plans to visit us within the next few days for the purpose of arranging the final details.
The Export-Import Bank has always sought to supplement rather than supplant private capital and we will be glad to have the financing of the rehabilitation of the Havana Waterworks supplied by private sources, provided such financing is upon satisfactory terms and conditions. In view, however, of the present status of this particular commitment and the obligations which have been incurred in connection therewith, it naturally follows that any modification of the arrangements at this late date must receive the approval of the authorities of the Municipality of Havana.
We will refer your letter to Mayor Menocal promptly upon his arrival.
Sincerely yours,