HC Deb 16 March 1981 vol 1 cc16-7
44. Mr. Hooley

asked the Lord Privy Seal what commitments the Commonwealth Development Corporation has currently to projects in the field of energy resources.

Mr. Neil Marten

In 1979 and 1980, taken together, the CDC made commitments of about £37 million to projects in this field.

Mr. Hooley

Is the Minister aware that the Commonwealth Development Corporation has considerable expertise in energy matters and has given considerable help to overseas countries? In the light of this and the problem of oil prices, will he ensure that the resources available to the CDC are expanded and its borrowing powers increased and that there is no question of cutting back on its activities?

Mr. Marten

My right hon. Friend the Secretary of State for Foreign and Commonwealth Affairs and I have discussed exactly that point with Lord Kindersley, the chairman of the CDC. I hope to have an answer on this in the fairly near future.

Mr. Bowen-Wells

Is the Minister aware that the CDC will be unable to make any commitment, not only in energy but in any other area, unless he manages to convince the Treasury that for the CDC to borrow on the open money markets, and indeed overseas money markets, is not a real charge on the public sector borrowing requirement? What steps has he taken to convince the Treasury of that?

Mr. Marten

Discussions are still going on. I hope to make an announcement on this as soon as a decision has been reached by Ministers.

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