ECA Cable File: FRC Lot 53 A 278
The ECA Special Representative in the Philippines (Checchi) to the ECA Administrator (Foster)
Toeca 638.1. From Checchi.
2. This morning, Pres referred, in breakfast with me, to telcon with Cowen in which he was informed of decision to add Eximbank lending to program for Phils.
3. Pres queried as to probable basis of interest. Told him this wld probably depend on type length of projects and wld be settled in subsequent negots. He asked if counterpart deposits were required, and was very curious as to relationship Exim lending to ECA program. Answered to effect that counterpart might well not be required but that this also subj negot. Told him Exim lending wld, of necessity, be closely integrated ECA grant program, and that he wld be informed later exact nature integration required.
4. President’s reaction Eximbank news was about what might have been expected. Little doubt he not adverse, if possible, play one agency against the other and fact that no counterpart deposit required on loans is an attraction to him. Stress you bear this in mind working out coordination plans with Eximbank.
5. Balance discussion Pres concerned itself usual exchange amenities and discussion specific projects already included FY 1951 program.