811.516 Export–Import Bank/7–2947
Memorandum by Mr. Jerome J. Stenger, Special Assistant in the Division of Investment and Economic Development, to the Director of the Office of Financial and Development Policy (Ness)
Subject: Agenda for Meeting of Board of Directors Eximbank July 30, 1947.
. . . . . . .
4. Italian Credits. The Board agreed at an earlier meeting that, under the $100 million earmarked for Italy, it was prepared to receive separate credit applications on behalf of specific sectors or subsectors of Italian industry engaged in promoting Italian foreign trade. The Bank has received the following applications amounting to $25 million:
- (a)
- Fiat, S.A.—$11,000,000
- (b)
- Montecatini Soc.—$10,000,000
- (c)
- Pirelli, S.A.—$4,000,000.
[Here follows section in which Mr. Stenger reported that the staff of the Bank recommended that the original Fiat application be cut from $11 million to $10 million; that Montecatini’s credit be reduced from $10 million to $9 million which would also provide for the possibility of financing by the Bank of applications from other smaller chemical companies; that Pirelli be granted a credit of $4 million in accordance with the wishes of the Italian Government. Mr. Stenger proposed that the Department concur with the recommendations of the staff of the Bank.]