811.516 Export-Import Bank/12–2948: Telegram

The Acting Secretary of State to the Embassy in Haiti

237. Directors Eximbank Dec 29 approved Artibonite credit $4 million of which not to exceed $3.2 million to be used finance purchase US equipment materials services required for construction necessary flood control irrigation and drainage works including land clearing and certain minimum essential roads. Balance $800,000 to finance purchase US equipment materials services required in initial settlement and development irrigated area. Credit available to Dec 31, 1951 to be repaid in 30 semiannual installments beginning 3 yrs after date first advance with interest 4 percent. Credit approved subject special terms and conditions certain of which must be fulfilled prior to disbursement funds.

Bank announcing to press for release Dec 31.

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Credit as approved by Board differs from memo Haitians certain respects principally as follows (1) Bank agrees finance only cost US equipment materials services rather than 80 percent total cost (2) Bank requiring employment US technical assistance by Artibonite entity after completion construction and during operational period. Airgram follows.