HC Deb 15 December 1964 vol 704 cc198-9
22. Mr. J. H. Osborn

asked the Minister of Overseas Development whether she will state the total assistance provided to all the less developed countries, from Great Britain, during the last three years in the form of bilateral grants and loans, contributions to international organisations and multilateral aid, and private capital, respectively; and which of these specific forms of overseas assistance she proposes to expand.

Mrs. Castle

With permission, I will circulate the information in the OFFICIAL REPORT. With regard to the second part of the hon. Member's Question, I am at present considering the future shape of our aid programme.

Mr. Osborn

Does the right hon. Lady think that the balance of payments situation will affect this consideration?

Mrs. Castle

It will certainly be one of the many factors which we shall consider.

Following is the information:

Mr. Osborn

While welcoming the right hon. Lady's reply, may I ask whether she is aware that the measures recently introduced by the Chancellor of the Exchequer have positively discouraged private investment overseas? Is she aware of the measures which Germany has taken with regard to countries such as India to encourage German manufacturers to invest overseas? What is the right hon. Lady's attitude to insurance against political risks attaching to investments overseas?

Mrs. Castle

I am not aware of the fact to which the hon. Gentleman referred in the first part of his supplementary question. With regard to the last part of it, I would point out that the question of guarantees for private investment overseas has been under examination for some time by various international bodies, but proposals of this kind raise problems which concern the Treasury, the Board of Trade, and other Departments as well as my own.

Mr. Paget

Considering the balance of payments situation which we inherited, is it not unfortunately necessary to limit overseas investment?

Mr. R. Carr

Will the right hon. Lady at least give an undertaking that we will play a full and active part in the work of O.E.C.D. in helping the conditions for private investment, including the idea of a multilateral insurance scheme against political risks?

Mrs. Castle

I give the right hon. Gentleman the assurance that we will give careful consideration to that.