La Paz Embassy Files, 851A
The Bolivian Minister for Foreign Affairs (Anze Matienzo) to the Under Secretary of State (Welles)
My Dear Mr. Welles: I take pleasure in acknowledging receipt of your courteous letter of this date, whereby you were good enough to inform me that, according to our verbal understanding, the Export-Import Bank of Washington has agreed to extend a credit of $5,500,000, United States currency, for the development of the petroleum resources of Bolivia, in addition to the initial cost of $10,000,000 mentioned in your Memorandum of January 27, 1942.
You add that the Export-Import Bank will make the necessary loan contract with the Corporation referred to in paragraphs 2 and 3 of the Agreement of Janury 27, 1942 as soon as the plans for the development of the petroleum industry are approved by the Government of Bolivia and accepted by the Export-Import Bank.
My Government attaches special importance to the Bolivian petroleum industry and is certain that the initial assistance now agreed on will serve as a basis for its effective development and as a source of income that will permit a broad policy of credits directed toward the economic reconstruction of Bolivia. With this plan in mind, my Government has temporarily engaged the services of an American expert, who is now in La Paz studying the reorganization of that industry in its various aspects. However, in order to carry out this program completely, my Government now requests the technical cooperation of the Government of the United States, which it is fully confident will be extended.
In expressing to you how much I appreciate your valued influence and decided support, I have [etc.]
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