811.516 Export–Import Bank/7–3047

Press Release Issued by the Export-Import Bank of Washington, July 31, 194734

The Export-Import Bank announced today that it has approved the establishment of credits totalling $13,005,000 to finance imports into Austria of urgently needed materials and equipment for selected enterprises in Austria.

The credits, which will be guaranteed by the Austrian Government, are to be extended to two Austrian banks, the Creditanstalt-Bankverein and the Laenderbank. They will be used to finance eight projects covering the minimum import requirements of specified enterprises in the following fields: alloy steel, electrical machinery and apparatus, non-ferrous metals, machinery and vehicles, and chemicals. The products of these enterprises are not only urgently needed in Austria but are also in strong demand in European and world export markets, thereby affording reasonable assurance that foreign exchange will be available to service the obligations to the Export-Import Bank.

Of the total of $13,005,000, $8,400,000 is allocated for the purchase of materials and $4,605,000 for the purchase of capital goods. Credits for materials are repayable over a period of 3¾ years and credits for capital equipment over a period of 7 years.

  1. This press release was issued simultaneously in Washington and Vienna. The source text, telegram 574, July 30, 1947, to Vienna, was sent in anticipation of the Bank’s action.