In June the Board of Directors of the Export–Import Bank authorized a credit of $1,350,000 in favor of the Republic of Liberia for the construction of a water supply distribution and sewerage system for the city of Monrovia. The credit bore interest at the rate of 3½ percent per annum and was repayable in 36 semiannual installments, the first of which fell due one year after the date of the note. Allocations under the credit were conditioned on Liberia’s entering into a contract with a United States engineering firm to provide for the engineering and supervision needed for the construction of the projects. Both the engineering firm and its contract of employment were to be satisfactory to the Bank. Liberia would also employ a contractor on the advice of the engineering firm selected and subject to the approval of the Bank, to perform all construction work necessary for the completion of the projects. A formal agreement covering the credit was concluded between the Export–Import Bank and Liberian Government in Washington on July 11, and was approved by the Liberian legislature, convened in special session, on August 16; for documentation, see Department of State files 876.10 and 103 XMB. For the decision of the National Advisory Council with respect to the credit, see NAC Document 1160, June 22, supra.