204. Editorial Note
On March 4, the Export-Import Bank and the Development Loan Fund issued press releases announcing loan agreements with India. The Export-Import Bank announced that it had reached agreement to extend a credit of $150 million to finance the acquisition of U.S. capital equipment for a program of economic development in India. The DLF announced that it had agreed to establish a loan to India in the amount of $75 million. These actions were taken pursuant to the offer by the United States, announced on January 16, to extend approximately $225 million in loans to assist India in meeting its current economic problems. According to Samuel C. Waugh, President of the Export-Import Bank, the arrangements resulted from negotiations between representatives acting jointly for the Bank and the DLF and a delegation from the Indian Government, headed by B. K. Nehru, Secretary for Economic Affairs. The press releases were transmitted to the Embassy in telegram 2125 to New Delhi, March 3. (Department of State, Central Files, 891.10/3–358) The Department of State also issued a [Page 423] statement on the loan agreements on March 4, as did Secretary of State Dulles. For texts of those statements, see Department of State Bulletin, March 24, 1958, pages 464–465.
A joint mission of the Export-Import Bank and the Development Loan Fund, headed by Hawthorne Arey, member of the Board of Directors of the Bank, arrived in New Delhi on March 8 to conclude detailed arrangements for utilization of the credits. (Telegram 2349 from New Delhi, March 14; Department of State, Central Files, 891.10/3–1458)