§ 40. Mr. Swinglerasked the Secretary of State for the Colonies what arrangements he makes to enable municipal authorities in Cyprus to borrow money at a low rate of interest.
§ Mr. Lennox-BoydThe Cyprus Government make loans direct and through their Public Loans Fund to municipal authorities, normally at 4 per cent. Loans have recently been approved in principle for slum clearance at 3½ per cent, for 50 years.
§ Mr. SwinglerDoes the reply mean that this fund is available for any municipality in Cyprus? Has the right hon. Gentleman seen reports that Cypriot municipalities have been forced to go to the City of London and borrow at much higher rates of interest because, it is said, they have been refused loans from Government funds? Can he give an assurance that loans are available, without discrimination, to any municipality of Cyprus?
§ Mr. Lennox-BoydI should like notice of that question. So far as I know, the answer would be, "Yes."