On August 9, 1951, the Board of Directors of the Export-Import Bank authorized two credits in favor of the Corporación de Fomento de la Producción (Chilean Development Corporation) totaling $11,150,000. The first was an additional credit of $10,000,000 to assist in financing the purchase in the United States of the equipment, materials, and services necessary to expand the productive capacity of the Huachipato steel mill (Cia. de Acero del Pacifico, S. A.), for which the Bank had previously granted credits aggregating $48,000,000. The second credit was to finance the purchase in the United States of the materials and services required for expanding the production of the ferro-manganese plant of Fabrica Nacional de Carburo y Metalurgica, S. A. (CARBURO) (103–XMB/8–951). For further information on these credits, see Export-Import Bank of Washington, Thirteenth Semiannual Report to Congress for the Period July–December 1951 (Washington, 1952), pages 11, 13–14.
On September 19, 1951, the National Advisory Council recommended consideration by the Board of Executive Directors of the International Bank for Reconstruction and Development of a $1,300,000 loan to the Chilean Development Corporation to finance the dollar costs of exploration for ground water in the Río Elqui Valley, and the [Page 1285]partial development of such water for irrigation purposes (Department of State National Advisory Council Documents, Document No. 88, Action No. 490, September 19, 1951, Lot 60 D 137, Box 369). The loan was let on October 10. For additional information see International Bank for Reconstruction and Development, Seventh Annual Report to the Board of Governors 1951–1952 (Washington, 1952), pages 28–29.