F.W. 824.6363/10–2846
Memorandum of Conversation, by Mr. James Espy of the Division of North and West Coast Affairs
| Participants: | Mr. Braden—A–Br |
| Mr. Briggs—ARA | |
| Mr. Smith—A–Br/S | |
| Mr. Townsend, Ped | |
| Mr. Espy, NWC |
A meeting was held in Mr. Braden’s office this afternoon to discuss NWC’s memorandum dated October 28, 1946, on the subject of Bolivian petroleum.
Mr. Townsend stated that in his opinion the Export-Import Bank was definitely committed to the 5½ million dollar credit for the development of petroleum in Bolivia. He stated further that under this commitment it was required of us to make the funds available to Bolivia and that there seemed to be no objection to their using the funds for the project indicated in the memoranda under reference. He stressed however, that we should insist that the Bolivians be assured of sufficient funds with which to complete the project fully.
Mr. Braden agreed that this position should be taken by the Department in which the others at the meeting concurred.
Mr. Braden emphasized that we should have full assurances from the Bolivians that on their part not only should the funds be available but be committed to the financing of the project.