Document:

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                                                                   Exhibit 10.48

April 25, 2001

PRIVATE & CONFIDENTIAL
----------------------
Consolidated Water Co. Ltd.
Box 1114
Grand Cayman, B.W.I.

ATTENTION: RICK MCTAGGART

Dear Sir:

RE: CONFIRMATION OF CREDIT FACILITIES

Further to our recent discussions, and subject to the undernoted terms and
conditions, we are pleased to offer you financing as follows:

LENDER:                           ROYAL BANK OF CANADA (The "Bank")

BORROWER:                         CONSOLIDATED WATER CO. LTD.(The "Borrower")

AMOUNT:                           Segment 1) $1,000,000 - Overdraft, revolving
                                  Segment 2) $3,500,000 - Standby Line

CURRENCY:                         All dollar amounts in this letter refer to
                                  United States funds, unless otherwise
                                  specified.

PURPOSE:                          Segment 1) General Operating purposes
                                  Segment 2) General Corporate purposes

INTEREST RATES:                   Segment 1) USD/KYD Prime + 1%/LIBOR + 1.50%
                                  Segment 2) LIBOR + 1.50%

                                  The Borrower shall pay interest monthly in
                                  arrears on Prime-based facilities at the
                                  annual rate set out above calculated on a
                                  daily basis and based on the actual number of
                                  days elapsed in the period for which interest
                                  is being calculated divided by 365. The annual
                                  rates of interest to which the rates
                                  calculated in accordance with the foregoing
                                  provisions are equivalent, are the rates so
                                  determined multiplied by the actual number of
                                  days in a one year period calculated from the
                                  first day on which interest is to be
                                  calculated and divided by 365. These rates
                                  apply after as well as before maturity,
                                  default, and judgement, with interest on
                                  overdue interest at the same rate as on the
                                  principal.

                                                                     Page 1 of 9
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                                  LIBOR LOANS:

                                   Interest on LIBOR loans shall be payable on
                                   each LIBOR interest date. The yearly rates of
                                   interest to which the rates determined in
                                   accordance with the LIBOR provisions of this
                                   agreement are equivalent, are rates so
                                   determined multiplied by the actual number of
                                   days in a year and divided by 360.

SERVICE PRICING:                  a)    An annual review fee of 1/16% ($2,800
                                        this year) will be charged to cover the
                                        administration involved in reviewing the
                                        company's financial information and
                                        re-establishing facilities.

                                  b)    Any temporary excesses/amendments and
                                        additional credit requirements are
                                        subject to approval and may be assessed
                                        a fee of up to 1/2%, minimum $1,000.

                                  c)    A fee of 1/2% will be associated with
                                        each draw down under Segment 2.

REPAYMENT:                        Segment 1)  Revolving; repayment in full upon
                                              demand.

                                  Segment 2)  Undrawn portion - 1 year,
                                              extendable term. Drawn amounts -
                                              Monthly payments over a maximum 5
                                              year term, 10 year amortization.

                                  PROHIBITED INTEREST - Nothing in this
                                  agreement shall be construed as obliging the
                                  Borrower to pay any interest, charges or other
                                  expenses as provided by this agreement or in
                                  any other security agreement related thereto
                                  in excess of what is permitted by law.

PREPAYMENTS:                      Segment 1) may be prepaid in whole or in part
                                  without penalty.

                                  Segment 2) may only be repaid at maturity
                                  (maturity of each term, i.e., 30 days, 60
                                  days, 90 days etc.).

SECURITY:                         GENERAL SECURITY FOR ALL LOANS

                                  Certified copy of directors' resolutions,
                                  bylaws, legal opinions and attendant documents
                                  as may be requested by the Bank.

                                                                     Page 2 of 9
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                                  Fixed & floating charge debenture for
                                  USD$2,500,000, with fixed charge covering West
                                  Bay Beach North, Block 11D, Parcel 8 and
                                  collateral charge covering Governor's Harbour
                                  property and floating charge covering all
                                  other assets of the Borrower (To be up stamped
                                  to USD$4,500,000 as Segment 2) drawn down).

                                  Guarantee & Postponement of Claim in favour of
                                  Consolidated Water Co. Ltd. signed by Cayman
                                  Water Company Limited.

INSURANCE:                        The Borrower will lodge with the Bank
                                  comprehensive insurance policies satisfactory
                                  to the Bank, covering buildings, equipment and
                                  inventory with loss made payable firstly to
                                  the Bank.

REPRESENTATIONS,
WARRANTIES &
ACKNOWLEDGMENTS:                  The Borrower represents and warrants to the
                                  Bank that:

                                  1)    it is a corporation validly incorporated
                                        and subsisting under the laws of Cayman
                                        Islands, and that it is duly registered
                                        or qualified to carry on business in all
                                        jurisdictions where the character of the
                                        properties owned by it or the nature of
                                        its business transacted makes such
                                        registration or qualification necessary;

                                  2)    the execution and delivery of this
                                        Agreement has been duly authorized by
                                        all necessary actions and does not (i)
                                        violate any law or, any provision of the
                                        charter or any unanimous shareholders
                                        agreement to which it is subject or,
                                        (ii) result in a breach of, a default
                                        under, or the creation of any
                                        encumbrance on the properties and assets
                                        of it under any agreement or instrument
                                        to which it or any of its properties and
                                        assets may be bound or affected.

                                  3)    There is no provision in the Borrower's
                                        articles, bylaws or any unanimous
                                        shareholder agreement respecting the
                                        ability of the Borrower to:

                                        a)    borrow money upon the credit of
                                              the Borrower;

                                                                     Page 3 of 9
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                                        b)    issue, reissue, sell or pledge
                                              debt obligations of the Borrower;

                                        c)    give a guarantee on behalf of the
                                              Borrower to secure performance of
                                              an obligation to any person; and

                                        d)    mortgage, hypothecate, pledge or
                                              otherwise create a security
                                              interest in all or any property of
                                              the Borrower, owned or
                                              subsequently acquired, to secure
                                              any debt obligation of the
                                              Borrower.

                                                                     Page 4 of 9
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                                  4)    The Borrower is in compliance with all
                                        applicable statutes, regulations, orders
                                        and bylaws enacted or adopted for the
                                        protection and conservation of the
                                        natural environment.

                                  5)    The Borrower has obtained all
                                        certificates, approvals, permits,
                                        consents, orders and directions required
                                        concerning the installation or operation
                                        of any machinery, equipment or facility
                                        constituting assets of the Borrower, or
                                        required concerning any land of the
                                        Borrower, or required concerning any
                                        structure, activity or facility on or in
                                        any land of the Borrower, and the
                                        Borrower is not aware of any
                                        circumstance which might give rise to
                                        the revocation of any such certificates,
                                        approvals, permits, consents, orders and
                                        directions or the implementation of
                                        further orders or directions relating to
                                        the above which might affect the land or
                                        the business of the Borrower which the
                                        Borrower has not disclosed fully in
                                        writing to the Bank.

COVENANTS:                        The Borrower, by accepting this Offer, agrees:

                                  1)    to deliver to the Bank such financial
                                        and other information as the Bank may
                                        reasonably request from time to time,
                                        including but not limited to the
                                        following:

                                        a)    audited financial statements
                                              within 90 days after each fiscal
                                              year end.

                                        b)    quarterly company prepared
                                              financial statements within 30
                                              days following each quarter end.

                                  2)    not to grant or create any security
                                        interest, lien, charge or encumbrance
                                        affecting any of its properties or
                                        assets, except for any security interest
                                        granted to secure an obligation created
                                        solely for the purchase of additional
                                        fixed assets required for the efficient
                                        operation of its business with any such
                                        security to cover only the assets
                                        purchased.

                                  3)    Debt to Equity shall not exceed 0.85.
                                        "Equity" is defined as the total of
                                        share capital, contributed surplus,
                                        retained earnings and postponed
                                        shareholder loans MINUS intangible
                                        assets and amounts owed to the
                                        Borrower by shareholders/associated
                                        companies.

                                                                     Page 5 of 9
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                                  4)    to maintain a Debt Servicing ratio of
                                        not less than 1.25 (earnings before
                                        interest, depreciation and amortization
                                        divided by principal and interest on all
                                        debt).

                                  All covenants in this agreement or any other
                                  agreement between the Borrower and the Bank or
                                  other documentation or security will remain in
                                  force for the benefit of the Bank at all times
                                  before and after the making of advances
                                  hereunder and/or the taking of security
                                  pursuant hereto.

OTHER CONDITIONS:                 If the Bank chooses to grant forbearance or a
                                  waiver of any of the terms and conditions of
                                  this letter, this action will not affect the
                                  Bank's ability to act on any subsequent breach
                                  or default or the rights of the Bank resulting
                                  therefrom.

EVIDENCE OF
INDEBTEDNESS:                     The Bank shall open and maintain at the Branch
                                  of Account, accounts and records evidencing
                                  the Borrowings made available to the Borrower
                                  by the Bank under this agreement. The Bank
                                  shall record the principal amount of such
                                  Borrowings, the payment of principal and
                                  interest on account of the loans, and all
                                  other amounts becoming due to the Bank under
                                  this agreement.

                                  The Bank's accounts and records constitute, in
                                  the absence of manifest error, PRIMA FACIE
                                  evidence of the indebtedness of the Borrower
                                  to the Bank pursuant to this agreement.

                                  The Borrower authorizes and directs the Bank
                                  to automatically debit, by mechanical,
                                  electronic or manual means, any bank account
                                  of the Borrower for all amounts payable under
                                  this agreement, including but not limited to,
                                  the repayment of principal and the payment of
                                  interest, fees and all charges for the keeping
                                  of such account.

EVENTS OF DEFAULT:                Without limiting the Bank's right to make
                                  demand for payment at any time on demand
                                  loans, the Bank may immediately withdraw the
                                  Borrower's right to further borrow under this
                                  agreement, demand immediate repayment of all
                                  amounts outstanding, together with outstanding
                                  accrued interest and realize on all or any
                                  portion of the security granted to the Bank if
                                  any of the following events of default occur:

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                                  1)    Failure of the Borrower to pay any
                                        principal, interest or other amounts
                                        when due pursuant to this agreement;

                                  2)    Failure of the Borrower to observe or
                                        perform any covenant, condition or
                                        provision in this agreement or other
                                        documentation or security;

                                  3)    If the Borrower becomes insolvent,
                                        commits an act of bankruptcy, makes an
                                        assignment of property for the benefit
                                        of its creditors, or enters into a bulk
                                        sale of its assets without the prior
                                        written approval of the Bank;

                                  4)    If any proceeding is taken with respect
                                        to a compromise or arrangement with the
                                        creditors of the Borrower, including
                                        under the Companies' Creditors
                                        Arrangement Act or to have the Borrower
                                        declared bankrupt or wound up, or to
                                        have a Receiver or Receiver Manager
                                        appointed of any part of the mortgaged
                                        property or if any encumbrancer takes
                                        possession of any part thereof;

                                  5)    There occurs, in the sole opinion of
                                        the Bank:

                                        (a)   a material adverse change in the
                                              financial condition of the
                                              Borrower; or

                                        (b)   an unacceptable change in
                                              ownership of the Borrower; or

                                        (c)   legal implications detrimental to
                                              the affairs of the Borrower;

CONDITIONS PRECEDENT:             The obligation of the Bank to make these
                                  credit facilities available to the Borrower is
                                  subject to and conditional upon all security
                                  and/or documentation being completed and
                                  registered in form and substance satisfactory
                                  to the Bank.

REVISION DATE:                    Without limiting any rights the Bank may have
                                  to demand payment, these credit facilities
                                  will be subject to review at the Bank's
                                  discretion and at least annually.

                                                                     Page 7 of 9
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LEGAL COSTS:                      All legal costs, fees, expenses, etc.
                                  incurred in establishing these credit
                                  facilities, preparation and maintenance of
                                  security and documentation are for account of
                                  the Borrower.

ACCEPTANCE:                       This offer expires if not accepted in writing
                                  by May 15th, 2001, unless extended in writing
                                  by the Bank.

Please acknowledge your acceptance of the above terms and conditions by signing
the attached copy of this Offer to Finance in the space provided below and
returning to the undersigned. This Offer to Finance cancels and supersedes any
previous Offers.

                                       Yours truly,

                                       ROYAL BANK OF CANADA

                                       /s/ G.C. Plamondon
                                       -----------------------------------------
                                       G.C. PLAMONDON,
                                       Sr. Assistant Manager

                                                                     Page 8 of 9

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WE ACKNOWLEDGE AND ACCEPT THE WITHIN TERMS AND CONDITIONS THIS 27TH DAY OF
            APRIL               , 2001.
--------------------------------

CONSOLIDATED WATER CO. LTD.

PER: /s/ Frederick W. Mctaggart
     ----------------------------------
     President and COO

PER: /s/ Peter D. Ribbins
     -----------------------------------
         Director/Secretary

                                                                     Page 9 of 9<PAGE>
                                                                   Exhibit 10.49

THIS VARIATION OF DEBENTURE is made the 22ND day of February 2002 (A Variation
of the Collateral Charge is registered over West Bay Beach North, Block 11D,
Parcel 40 and West Bay Beach North, Block 11D, Parcel 8)

BETWEEN:

(1)      CONSOLIDATED WATER CO. LTD., a company incorporated under the laws of
         the Cayman Islands and having its registered office at the offices of
         Consolidated Water Co. Ltd., Trafalgar Place, West Bay Road, P.O. Box
         1114 GT, Grand Cayman (hereinafter called "the Borrower") of the ONE
         PART; and

(2)      ROYAL BANK OF CANADA., a banking corporation licensed to carry on
         business in the Cayman Islands with offices at P.O. Box 245, George
         Town, Grand Cayman (hereinafter called "the Bank") of the OTHER PART.

WHEREAS:

         (1)   The Bank and the Borrower entered into a form of Debenture dated
               the 1st day of June 1979 (the "Debenture") to secure the loan of
               CI$200,000.00 borrowed from the Bank. A Supplemental Deed was
               entered into on the 30th day of April 1981 for an additional
               borrowing of CI$ 275,000.00. A second supplemental Deed to the
               Debenture was entered into on the 10th day of March 1983 for an
               additional borrowing. A third supplemental Deed to the Debenture
               was entered into on the 6th day of December 1984 for additional
               borrowing. A fourth Supplemental Deed to the Debenture was
               entered into on the 31st day of August 1989. A further Variation
               to the Debenture was entered into on the 11th day of October
               1999;

         (2)   The Bank and the Borrower have now agreed to enter into this
               Variation of Debenture to secure a further borrowing from the
               Bank of US$500,000.00 so that the total amount of the loan to the
               borrower shall be us$3,000,000.00;

         (3)   The Bank and the Borrower have now agreed that the interest rate
               shall be at the Bank's US$ LIBOR rate plus 1.5%;

         (4)   The Bank and the Borrower have now agreed to that the repayment
               of the loan shall be revolving.

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                                       2

NOW THIS DEED WITNESSES as follows:

1.       Words and terms defined in this Variation of Debenture shall bear the
         same meaning herein as in the Debenture unless expressly provided to
         the contrary.

2.       In consideration of the said agreement the Borrower and the Bank hereby
         agree the Debenture and the Variation of Debenture shall hereafter
         stand as security for all sums owing to the Bank from time to time up
         to maximum of US$3,000,000.00 (Three Million United States Dollars)
         altogether with interest thereon;

3.       The rate of interest payable shall be the Bank's US$ LIBOR plus 1.5%;

4.       The repayment of the loan by the Borrower shall be revolving;

5.       The Bank hereby consents to the registration of a Variation of
         Collateral Charge over property being held as collateral security to
         the loan and being mentioned in the Schedule to this Variation of
         Debenture;

6.       All other terms and conditions of the Debentures shall remain in full
         force and effect;

7.       This Variation of Debenture shall be governed by and interpreted in
         accordance with Cayman Islands Law.

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                                       3

IN WITNESS WHEREOF the parties have executed this Variation of Debenture as a
deed the day and year first before written.

                                    SCHEDULE

All those parcels of land on Grand Cayman comprised within Registration Section
West Bay Beach North Block 11D Parcel 8 and West Bay Beach North, Block 11D,
Parcel 40

THE COMMON SEAL of                  )
CONSOLIDATED WATER CO. LTD.         )
Was hereunto affixed by             )
                                    )
In the presence of                  )           /s/ Frederick Mctaggart
                                                --------------------------------
                                    )               Director
                                    )
                                    )           /s/ Peter Ribbins
                                                --------------------------------
/s/ Jeffrey M. Parker               )               Secretary
-------------------------
Witness

THE COMMON SEAL of                  )
ROYAL BANK OF CANADA)
Was hereunto affixed by             )            /s/ G. Plamondon
                                                 -------------------------------
And by                              )                Director
In the presence of                  )
                                    )            /s/ Denise Ebanks
                                                 -------------------------------
                                    )                Asst. Secretary
/s/ John Broadbent                  )
-------------------------
Witness

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