The semiannual report of the Export-Import Bank of Washington on its operations from July 1, 1960 through December 31, 1960, is submitted herewith.

The period reported upon precedes my tenure as President of the Export-Import Bank, and that of the majority of the present Board of Directors. The ensuing annual report will be cumulative for the present fiscal year, and, of course, will also reflect the first five months of the Bank's operations under my chairmanship.

Sincerely yours,

How to F. hinder

Harold F. Linder
President and Chairman

or the Export-Import Bank the first half of fiscal 1961 was a period of wide service in the role of assisting United States foreign trade. It can also be described as a peak period in the Bank's history in terms of the volume of business conducted.

During the six months period, the Bank approved 498 loans and guarantees amounting to $617 million in 102 countries. The $617 million in loans and guarantees authorized between July 1 and December 31, 1960, cover the financing of nearly 22,000 individual export orders.

In the same period the Bank continued foreign currency lending under the Cooley Amendment to Public Law 480 to affiliates abroad of U. S. business concerns. In 10 different countries the equivalent of $17.1 million was lent through 26 loans.

Medium and long term loans to Latin American countries continued to account for a major portion of Bank business. During the reporting period 205 credits were approved in Latin American countries for an amount totalling $331 million. An increase in transactions of 150 percent over the preceding six months period is represented.