The Secretary of State to the Ambassador in Turkey (Wilson)
202. Urtel 199, Feb. 14.27 For Amb concerning Turkish request Eximbank loan. Because it seems possible Turkish Amb here may have been mistaken as to real attitude of Bank to his request for loan—following for your info and discreet use. At time of request loan $500 million, Turkish reps were informed (a) amount much larger than Bank would be able to lend Turkey in view funds available and other commitments, (b) credits would be advanced only on specific detailed projects, (c) Turkish very favorable gold and dollar asset position June ’45 aggregate 270 million dollars would be considered, (d) preliminary examination of request and supporting document would only take relatively short time. Conversation friendly and believe Turk reps understand that amount of requests for loans from many countries make loan on scale requested by Turkey out of question. Conversations in no way at stalemate. Should be understood Eximbank unable to meet needs of devastated countries and International Bank for Reconstruction and Development should be in position to lend for development when in operation.
As examination proceeds preliminary thinking indicates about 25 million as scale of total credit to Turkey in 1946 and 1947, some or all [Page 903]of this may be in form of 5-year exporter credits such as recently requested to cover export of approximately $7 million railway shop and miscellaneous equipment. Doubtful Washington visit Turkish personage serve useful purpose re loan.
- Not printed; in this telegram, Ambassador Wilson said he had explained again to the Minister of Finance “that it is practice Exim Bank to make loans only for specific projects supported by detailed information and not to extend global credits.” (867.51/2–1446)↩