860D.51/12–1245: Telegram
The Acting Secretary of State to the Chargé in Finland ( Hulley )
218. Eximbank is considering with Department approval $35,000,000 credit to Finland for general reconstruction purposes repayable over 20 years with first payment falling due in 1951 average interest over whole period of about 3 per cent. Existing indebtedness of Finland to Eximbank amounting to approximately $25,000,000 will be funded and included as part of total credit thus total indebtedness would be about $60,000,000.
Eximbank has approved 15 months cotton credit of $5,000,000 separate from general credit to finance approximately 40,000 bales of cotton under general arrangement recently announced by Eximbank for financing cotton shipments to European counties.79
For your confidential information Eximbank suggested full amount of Finnish request for credit of $110,000,000 for purchases in U. S. during 1946 and 1947. Department regarded this amount out of line with loans being extended to other countries and Bank’s funds and also because of uncertainty re reparations Department advised smaller sum.
- An agreement was signed between the Export-Import Bank and the Finnish Trade Delegation in Washington on December 12, 1945. It was made public on December 14, 1945. See the New York Times, December 14, 1945, p. 37, col. 5.↩