867.51/7–846: Telegram
The Acting Secretary of State to the Ambassador in Turkey ( Wilson )
u.s. urgent
497. 1. Embtel 741, July 8.42 Para 2 Deptel 492 stated Eximbank and NAC had approved $25 million exporter credits for Turkey. $19 million figure apparently garbled.
2. Embtel 738, July 5.42 Fact that loan will be in form “exporter credits” will still leave Turkish Govt free decide projects to be financed under loan, and no projects will be financed under loan without approval Turkish Govt. Term “exporter credit” means that Eximbank will participate up to $25 million in financing projects put forward jointly by Turkish Govt and US suppliers, or put forward by US suppliers with approval Turkish Govt. In any event, since Turkish Govt notes or Turkish guarantee would be required before Bank would make advances under credit, no advances could be made without Turkish Govt’s approval.