§ 76. Mr. JOHNSTONasked the Secretary of State for Foreign Affairs what provision, if any, has been made by the Sudan Government in their Budget of the current year for payment of the loan of £13,000,000 for which the British Government are guarantors?
Mr. SAMUELThe Sudan Government Loans guaranteed by the British Government have been raised principally for the Gezira Irrigation Project, that is to say, for the construction of the dam across the Blue Nile and the canalisation of the Gezira area. This project will not be completed till towards the end of the current year, and provision has been made for treating interest on the loans raised for the above purpose during the period of construction, and until the proper operation of the scheme commences as part of the capital cost of the scheme. The Sudan Government will not, therefore, have to provide for the payment of interest in respect of the loans raised for the Gezira project out of its 38 own Budget until 1926. The Sudan Government has, however, provided in its Budget for 1925 a sum of £E. 152,000 towards building up a reserve against its commitments in respect of the Gezira project. It has further provided for paying interest on that part of the loan expenditure which has been devoted to purposes which have already been completed—that is to say, on a sum of £771,500, being part of the 5½ per cent. loan issued for railway extensions.
§ The total issues of Sudan Loans is not £13,000,000 as stated, but £11,643,400, made up as follows:
| £ | |
| 5½ per cent. loan | 6,380,000 |
| 4½ per cent. loan | 3,763,400 |
| 4 per cent. loan | 1,500,000 |
| Total | 11,643,000 |